Licensing in Biotechnology Industry Assignment Example | Topics and Well Written Essays - 750 words

Licensing in Biotechnology Industry - Assignment Example An exclusive license ensures as well as grants a licensee the assurance that the IP will not be passed to another individual or third party. The time period of an exclusive license is identified to be limited on the basis of protection period ensured in IP or can be extended with the addition of new IP in the license (Fisher and Erbisch 37-56). Periodic reports are important documents, providing information in relation to royalty payment. The reports are also identified as important considerations based on which, commercialisation of the technology developed is ascertained (Fisher and Erbisch 37-56). In license agreement of IP, there is a provision stating assurance to a licensor that a licensee is liable to conduct the agreed license in relation to IP based on accepted legal terms along with conditions mentioned in the agreement. Accordingly, the licensee is liable to reveal the licensor the progress of license within a stipulated time. Failure to do so might lead to the termination of the license (Fisher and Erbisch 37-56). Shelving of license implies to a provision based on which, a licensee might terminate the relationship or agreements made with licensor. The licensor can acquire the technology if the commercialisation of the licensed technology is jeopardised or if the diligence terms failed to be met (Fisher and Erbisch 37-56). According to the license agreement, the licensee offers the licensor with the liability or warranty provision on the commencement of the licensed technology. The provision protects the rights along with the responsibilities of licensor in relation to infringement of claim (Fisher and Erbisch 37-56). Agreement governance is a legal provision facilitating licensor to minimise legal costs that might be brought forward by licensee by taking into consideration the legal actions of specific geographical area of the licensed technology (Fisher and Erbisch 37-56). Use of names is a provision through which a