Technology licensing agreements: What every business needs to know
In today's business environment, virtually every company depends on one form of technology or another. And for most businesses, much of that mission-critical technology is licensed. From licensing software to manage operations and interact with customers, to licensing patents or other forms of intellectual property to develop products, technology licenses are ubiquitous in modern commerce. Yet despite their vital importance, companies often pay insufficient attention to the actual terms of those licenses—assuming it is all "standard." As a result, companies often find themselves with a license that does not further their business needs. Even worse, poorly drafted or ambiguous licenses can lead to protracted, expensive litigation that can destroy business relationships, drain companies' resources, and distract companies from their actual business goals.
The article in Crain's Chicago Business addresses key considerations to keep in mind and common pitfalls to avoid when negotiating technology licenses.
Read the full article by Stephen Rosenfeld, Nicholas Kurk, Christopher Allen, and Jacob Radecki on the Crain's Chicago Business website.