Whoever owns the intellectual property can issue permission (grant or license), to another entity the right to generate income from the intellectual property in exchange for royalty payment. With respect to royalties, the owner of the intellectual property is the grantor or licensor, and the one with the owner’s permission to monetize the intellectual property is the grantee or licensee.
[Grantee.FirstName] agrees and understands that all patents, trademarks, licenses, copyrights, and intellectual property, developed by [Grantor.FirstName], for this project or otherwise, belong to [Grantor.FirstName], and [Grantee.FirstName] has only been licensed the rights to use it for (Insert Timeline).
[Grantee.FirstName], as Grantee, agrees to send [Grantor.FirstName], as Grantor, the royalties [Grantor.FirstName] due arising from any commercial or non-commercial use of Grantor’s product from (Insert Date) to (Insert Date). Any use of [Grantor.FirstName]’s product that does not fall within that timeline will be classified as illegal use, and [Grantor.FirstName] has the full rights to:
Demand compensation for it, and/or
[Grantee.FirstName][Grantee.LastName] further agrees that [Grantor.FirstName][Grantor.LastName] can undertake any and all remedies as available in the jurisdiction of (State), (Country).
[Grantor.FirstName] also reserves the right to deny permission, even within the timeline of the current contract, for use of their product, if [Grantee.FirstName] plans to use it for illegal, unethical, or immoral purposes.
If the product is used without [Grantor.FirstName]’s permission during such situations, [Grantor.FirstName] will not be held accountable for any liabilities or damages. Additionally, [Grantor.FirstName] also holds the right to seek legal remedy for any duress, defamation, or threat occurring from unauthorized use of the product.