Royalty agreement . Specific percentage return of a royalty to sell someone's intellectual property under licence. Based on return of a set figure.
Sample
"A. ## owns the intellectual property described in Part 4 of the Schedule ("the intellectual property").
B. ## owns the registered Business Name described in the Schedule ("the Business Name").
C. The parties have agreed to enter into a Royalty Agreement pursuant to which ## wishes to use the intellectual property for the purposes set out in Part 5 of the Schedule.
D. ## wishes to grant to ## a non-exclusive licence to use the Intellectual property and Business Name upon and pursuant to the terms and conditions hereinafter contained.
1. This Licence, subject to clause 4, must remain in force only during the duration of the Royalty Agreement.
2. ## grants to ## a licence to the non-exclusive use of the Intellectual property throughout Australia.
3. ## agrees to pay ## the sum of ## in consideration of being granted the licence referred to in clause 2.
4. The licence must be revocable upon the following events:
4.1 at the will of ## and/or immediately upon one (1) month's written notice of such revocation being given to ##
4.2 upon termination of the Royalty Agreement referred to above."
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Royalty agreement
