LICENSING

Definition: The granting of permission to use intellectual property rights, such as trademarks, patents, or technology, under defined conditions.

Types of Licensing:

1. Exclusive License
2. Non-exclusive License
3. Outright Sale (selling out your IP rights)

Fee/Charges for Licensing Activities:

1. Licensing fee
2. Royalty
3. Other benefits (e.g. access to resources and facilities of the organization that has license to commercialize the R&D intellectual property)

Requirements/Process

1. Letter of intent from the third party
2. If the third party is a company, form 24 and 49 are required.
3. Negotiation on types of licensing, royalty and ownership of IP (as related matter in 4.1)
4. A simple business plan/blue print of the business