Verbal License Agreement

• Category: Confidentiality and Nondisclosure - Trade Secrets
• State: Multi-State
• Control #: US-L0512AM
• Format: Word; Rich Text

Description

The Verbal License Agreement is a formal document that outlines the terms under which one party (the licensor) grants permission to another party (the licensee) to use specific intellectual property. This agreement is crucial as it helps establish the expectations, rights, and responsibilities of both parties, protecting the proprietary information shared. Key features include definitions of 'Confidential Information', detailed restrictions on the use and sharing of that information, and the legal framework ensuring compliance, which can prevent unauthorized use or disclosure. Filling this form requires clarity on the involved parties, the specific information being licensed, and the exact purposes for which the information may be used. Editing should be done carefully to ensure that all terms and obligations are related to the specific context of the agreement. Use cases for this form are particularly relevant for attorneys who draft and negotiate such agreements, partners who engage in business collaborations, and paralegals who assist in preparing the necessary documentation. Legal assistants will find this agreement beneficial in maintaining confidentiality when handling sensitive client information or proprietary technology. This document ensures that the interests of the licensor are safeguarded, while providing a clear path for lawful use by the licensee.