Holding the patent on a highly sought-after invention or process can be a gold mine for successful inventors. However, a patent won’t generate any wealth for you without proper patent licensing to a manufacturer or business.
The Patent Licensing Process
The first step in patent licensing is to obtain the initial patent. This is a process made much easier with the help of an experienced Los Angeles patent attorney. A good, solid patent application takes time and money, but once it’s completed, you now have the sole discretion to when and how your patented invention is used.
If you are interested in allowing another company to use your invention, either to be manufactured or as part of their own process, you have the option of entering into a patent licensing agreement. A patent licensing agreement means you will allow use of your invention under specific terms and guidelines. As this is a legal document, you should consult with a Los Angeles patent attorney for drafting of the agreement and review of the terms.
The Business of Patent Licensing
A patent license agreement is part patent law and part business. An agreement takes into consideration the nature of the patent as well as the terms by which the patent may be used. Patent licensing can take several months depending on the complexity of the agreement.
Simple agreements can be short and flexible for both parties, detailing only simple parameters such as royalties and usage restrictions. More complex patent licensing agreements can be detailed down to fee schedules, transfer clauses, and circumstantial uses. The complexity and time it takes to negotiate a patent licensing agreement depends on the patented item and the parties involved.
Why You Would License a Patent
Unless you are going to be personally manufacturing your invention, you will need to authorize a company to mass produce your item for sale in the marketplace. A company cannot reproduce your invention without a patent license agreement stating they have the rights to do so.
When developing this agreement, you must be careful to protect the unauthorized use of your patent. A manufacturer should be allowed to only manufacture the item for your distribution and not disclose the methods or any trade secrets to any other parties. These details are handled within the documentation that your Los Angeles patent attorney can help you draft and review.
Hiring a Los Angeles Patent Attorney
Before drafting or agreeing to any sort of patent licensing you should obtain the assistance of a trusted Los Angeles patent attorney. The experienced Los Angeles patent attorneys at the ADLI Law Group P.C. are specialized in protecting your rights and interests as the inventor of an idea, process or product.
Our firm is equipped to assist you with your patent, trademark or copyright needs. With clients across Los Angeles County and around the globe in China, Taiwan and Japan, we’ve helped hundreds of inventors secure their ideas. Contact us today for experienced help with securing the rights to your invention – 213-223-2365.