Okay, now that the possible reasons for renewing a licence have been discussed, the process of considering the verification of the license agreement is being discussed. Often, the right to terminate requires that you first terminate your contractual partner and give him the opportunity to resolve the problem. The agreement sets a period (usually 30-90 days) during which the other must « cure » the problem. The « right to heal » is one of those legal terms that you will find in all kinds of commercial contracts. If we look at a hypothetical situation, our example brings it to the top to show how things can happen. Assuming that you have a licensing agreement in which the licensee`s failure to bring a licensed product to market within a specified time frame constitutes a specific breach of the agreement. If they missed this deadline, you should usually send them a late payment or violation announcement telling them what they have done wrong and demand that they resolve the situation, i.e. « cure » the problem by bringing the product to market. If the manufacturer has not resolved the problem in time, you have the option to treat the contract as terminated. If you do, you would inform the manufacturer of the termination and why. If they were to move forward and use the artwork now without authorization, you might have to go to court to arrest them, but you would refer to the termination clause and the fact that they were not cured as the reason your application was filed. To give you an example, if the inventor patents a feature used on a desktop computer, the goal would be to back up a patent for that feature, as it would be integrated into a desktop computer. However, a good patent strategy would be to extend this patent protection to laptops, smartphones, etc.
by creating a patent portfolio. Since the inventor is not in these other niches, a win-win situation possible, license and forfeit royalties from several takers of different niches, while continuing to sell widgets in the inventor`s own niche. If, for some reason or reason, a contracting party can terminate the contract, it is a right of termination « for convenience. » Since most people enter into agreements to make the future more predictable, neither party is ever interested in giving others a right to terminate for convenience. On the contrary, most licensing agreements attempt to keep the parties united by distributing conditions – usually bad attitudes of one party – that must exist for the other party to terminate the contract.