Four Mistakes to Avoid When Licensing Your Copyright

A copyright can be a commercially valuable form of intellectual property (IP). The Copyright Alliance notes that copyrights are valued at $1.8 trillion in the United States. In some cases, a copyright may be licensed by the holder to another party. When used properly, licensed agreements can bring major benefits to both parties. That being said, there are some common errors that you need to be aware of when licensing your copyright out. Here, our Florida copyright licensing attorney highlights four mistakes to avoid when licensing your copyright to another party.

Mistake #1: Failing to Explore All of Your Options 

When licensing your copyright, it is imperative that you thoroughly explore all of the available options. Along with other things, this means considering various types of licenses— such as exclusive to non-exclusive—and also understanding the markets and industries where your copyright could be applied. Many copyright owners are simply too quick to make the decision to go with the first offer. By limiting the exploration phase, copyright owners risk undervaluing their IP or missing out on lucrative or more suitable licensing opportunities.

 Mistake #2: Not Clearly Defining the Scope of License 

Not all copyright licenses are identical. You need to understand the precise scope of the copyright license. A common oversight in licensing agreements is the failure to precisely define the scope of the license. Be sure to address the rights being granted, the geographical areas where these rights apply, the duration of the license, and any restrictions on use. Vague terms can lead to disputes over the extent of the licensee’s rights and could even result in unauthorized use. Clearly delineated clauses ensuring that both parties have the same understanding of what is permitted under the license is necessary.

 Mistake #3: Failing to Consider the Specific Terms of the Royalty Payment 

Neglecting to meticulously structure the royalty payment terms is another common mistake. This includes not only the amount but also the basis for payment—a flat fee, percentage of sales, etc—frequency, and conditions for payment adjustments. Failure to address these specifics can lead to financial misunderstandings or disputes, and potentially devalue the copyright. A Florida IP law attorney can help you understand copyright royalties.

 Mistake #4: Not Working With an IP Attorney 

Negotiating a copyright license agreement on your own can be a huge mistake. Professional legal representation can make a dramatic difference. A Florida attorney with copyright experience can provide invaluable guidance on crafting a license that protects your rights and your interests. Your lawyer can also be instrumental in identifying potential legal issues before they arise—thereby saving time, money, stress, and reducing your risks.

Get Help From Our Copyright Licensing Lawyer in Florida Today

At Perkins Law, Florida copyright law attorney has the skills and experience to advise clients with the full range of copyright licensing matters. Whether you are the licensor or the licensee, we are here to help. Call us now or contact us online to arrange a confidential, no obligation initial appointment. Our firm handles copyright licensing issues throughout Florida and beyond.

Source:

copyrightalliance.org/iipa-report-copyright-industries/#:~:text=Here%20are%20some%20of%20the,of%20the%20entire%20U.S.%20economy