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The new economy values intellectual property and content.

For businesses where digital assets include intellectual property, licensing is often a viable, and potentially lucrative, revenue stream. But, it shouldn’t be entered into until a formal licensing agreement has been signed by all parties with a stake in the outcome.

If the people we choose to work with were always on the same page with us throughout the professional relationship we wouldn’t need to worry about legal agreements. But this is rarely the case.

In general, our working relationships tend to run more smoothly when contracts and other agreements are in place before work begins. That way, we can openly negotiate any differences of opinion we have as to how the relationship will unfold. And all parties have a chance to be heard.

When we resolve misunderstandings beforehand we can save time and energy and reduce the hurt feelings that often arise after work is underway.

Elizabeth Potts Weinstein, a digital entrepreneur and lawyer, shared an excellent list of 10 points to include in any licensing agreement.

10 Points to Cover in Licensing Agreements

  • exclusivity
  • territory
  • use
  • attribution
  • derivative works
  • confidentiality
  • time frame
  • termination
  • assignment/transfer restrictions
  • payment/royalties

You can read Elizabeth’s full article here.

If licensing is an option for you, put a comprehensive agreement in place from the start to help keep these relationships running smoothly.

More next time. Until then, remember to LOVE YOUR WORK, whatever it may be.

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