Pennsylvania Trade Secrets License Agreement and Assignment between Licensor and Licensee

State:
Multi-State
Control #:
US-1181BG
Format:
Word; 
Rich Text
Instant download

Description

A trade secret is a process, method, plan, formula or other information unique to a manufacturer, which has value due to the market advantage over competitors it produces.
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FAQ

The main difference between the two is that in a license the person granting permission (Licensor) retains an interest in the property being licensed, whereas in an assignment the assignor transfers his rights in the property being assigned.

Approve prospective licensees. Approve licensed products, packaging, marketing and collateral materials. Provide access to licensable assets and/or develop style guide. Register trademarks in appropriate categories.

In particular, a licensee's rights are generally not assignable unless the license agreement expressly permits assignment or the licensor otherwise consents.

The licensee is, therefore, entitled to stock the shop with his choice of brands but he does not have the right to alter the intended intent, retain any consumer of his choosing and to set the price/conditions for his products. He can also lock the shop and open it whenever he wants at the end of business hours.

The primary difference between the two agreements is that a License allows the Licensor to maintain their rights and interest in their IP, whereas an Assignment transfers all of the Assignors rights to their IP and assigns it to the Assignee.

Summary. A licensing agreement is a contract between a licensor and licensee in which the licensee gains access to the licensor's intellectual property. The party providing the intellectual property is called the licensor while the party receiving the intellectual property is called the licensee.

The definition of a licensor is a party or entity that grants a license to someone else. The DMV is an example of a licensor. One who grants a license. (law) A party that grants a license to another.

Licensing is a major aspect of Intellectual property. A licensing agreement is a partnership between an intellectual property rights owner, known as the licensor, and another who is authorised to use such rights, known as the licensee, in exchange for an agreed payment, known as royalty1.

Trade secrets are property rights and can be assigned or licensed to other persons. The holder of trade secret has the right to authorize a third party to access and use the trade secret information.

A licensee is any business, organization, or individual that has been granted legal permission by another entity to engage in an activity. The permission, or license, can be given on an express or implied basis.

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Pennsylvania Trade Secrets License Agreement and Assignment between Licensor and Licensee