NEGOTIATING THE LICENSE
After you receive communications from one or more manufacturers interested in your invention, you then will need to negotiate the “license agreement.” Before you start discussing numbers with the manufacturer, you should immediately hire the assistance of a reputable attorney who has negotiated license agreements before. The license agreement will have important provisions in it regarding how much you are paid up-front, the percentage of royalties, infringement issues, and other important issues that only a skilled attorney can properly negotiate and draft.
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