THIS DEED OF
LICENCE is made this the ______________ day of _______, 20 _______
………………………………., aged _______, etc. (hereinafter
referred to as the Patentee) of the one part
…………………………………, aged _______, etc. (hereinafter
called the Licensee) of the other part.
WHEREAS the said
…………………. is the inventor and patentee in his own name of an invention for
______________________
duly registered under a patent dated _____________ in the Registers of the
Patent Office at _______ _______and the said patent is valid for another four
years being due for expiry on________ _______;
AND
WHEREAS ……………………………. Afore said is desirous of exploiting the patent and is
willing to pay by way of royalty a sum of Rupees _______________(Rs.
____________________________________only and a yearly fee of Rupees _______(Rs.
_______payable on the following dates._______.each year;
AND WHEREAS the
Patentee is willing to grant the said Licence:
NOW
THIS DEED WITNESSES that in consideration of the sum of Rupees (Rs. __________)
only by way of royalty paid by the said Licensee to the Patentee, receipt
whereof the Patentee hereby acknowledges and the further payments of Rupees
______________ (Rs. _____________________________ ) only on the following dates
____________ each year the Patentee hereby grants unto the Licensee the
exclusive right to make, use, exercise and vend the said invention under the
said patent in all parts of the territory of _______ for a term of _______
years ending with the _______ day of _______, 20 _______ The Licensee shall not
at any time assign this licence or grant any sub-licence thereof to any person
or persons or transfer the same except by operation of law: Provided Always and
it is hereby declared that if any yearly payment of licence fee or any part
thereof be at any time in arrears for _______ days (whether a formal demand of
the same shall have been made or not) or if the Licensee becomes bankrupt or
enters into any arrangement or composition
with his creditors or
neglects to use the invention for a period of 6 months then the Patentee may by
a notice in writing revoke the licence. That a notice of clear 15 days shall be
deemed to be of reasonable time and shall be deemed to have been served on the
Licensee if the same has been despatched by the
Patentee to the address
of the
Licensee herein mentioned by registered
post.
IN WITNESS
whereof _______ .(as in Precedent No. 4).
Witness:
1.
Sd. AA.
Patentee
Sd. BB.
Licensee
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