Why So Many Agreements?
In addition to signing iXP Connect Service Agreement when you register as a licensor, a licensee or a job seeking subject matter expert, licensors and licensees go through a few more agreements along the way to complete your licensing/sale transaction.
In fact, you may need additional amendments to properly cover your transaction. These additional agreements and documents may cover the sales and use of certain inventions, re-assignment form (if the owner/assignor name is to be changed to the licensee), etc. These documents can be uploaded to your transaction file holder, and some of them can be attached to the licensing agreement as amendments (pdf only to be attached as amendments).
NDA
All licensees first sign off our standard mutual Non Disclosure Agreement (NDA) when they initiate "START NEGOTIATION". The same form is pre-signed by the patent holder (licensor), and the signing process is done on-screen. If either party requires additional NDA/CDA, please share an unsigned NDA/CDA via File Upload, sign and re-upload the fully executed copy in the transaction folder.
Licensor Declaration
We prepared a declaration form for licensors, so they can double check their patent status and condition to ensure that the patent is in good standing (not expired or lapsed), and it has no conflicts such as pre-existing license, sale, or litigation. This step must be completed by the licensor before entering the licensing terms in Renovatio.
Licensing
Agreement
Renovatio has its own licensing agreement that incorporates several licensing terms agreed by both parties. Licensors need to enter and propose the licensing terms to licensees. Both parties can review the draft version of the agreement to ensure the transparency of the process.
Licensors can use their own custom licensing agreement instead of our licensing template, but please keep in mind the following requirements:
- CUSTOM AGREEMENTS MUST BE IN ENGLISH. You may supply non-English version as "supplemental translation"; however, the supplemental translation version CAN NOT BE SIGNED by either party. They are supplemental, as to assist the understanding of the agreement in non English language, but they are simply to assist (and no legal authority of the license).
- Follow iXP's requirements. There are certain languages/sentences need to be incorporated. These requirements are provided to the licensor when reaching the licensing agreement step. Remember, custom agreements will be reviewed by iXP Connect support team prior to be presented to the licensee. [DO NOT UPLOAD THE CUSTOM LICENSING AGREEMENT VIA FILE SHARE AND TO BE SIGNED BY LICENSEE.]
Disbursement
Agreement
iXP Connect will generate and send corresponding invoice(s) to the licensee. In a rare occurrence, a licensor may also receive an invoice from iXP Connect based on the license terms agreed by both parties.
Once the invoiced amount is collected by iXP Connect's Escrow Service (a third-party legal firm), all 4 parties involved in the transaction (licensee, licensor, iXP Connect and the Escrow Service) must execute the disbursement agreement prior to the funds distribution to the licensor. This ensures the complete transparency of the financial management.
CAUTION: iXP Connect only manages the initial invoicing and collection of the licensing amount, as set in the agreed licensing terms. Licensor and Licensee are responsible for invoicing and collection of subsequent license payments including any royalty payments arising from the agreed term.