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License To Use Trademark-Single Food Product
LICENSE TO USE TRADEMARK-SINGLE FOOD PRODUCT
This agreement is made on [date of agreement], between [company name of licensor], a corporation existing and is organized according to the laws of the State of [state of licensor] , with its headquarters located at [address of licensor], hereinafter referred to as licensor, and [company of licensee], a corporation existing and organized under the laws of the State of [state of licensee] , with its headquarters located at [address of licensee], hereinafter referred to as licensee.
RECITALS:
1. The licensor is the owner of the trademark used for food products, and of all good will associated with it. The licensor has the right to use and license others to use such trademark.
2. The licensor wishes to promote a complete line of food products to be marketed [nationally or internationally] and sold through authorized licensees.
3. The licensee wishes to obtain a license, under the terms and conditions of this agreement.
4. The licensor is willing to grant a license under the terms and conditions provided herein.
In consideration of the foregoing and of the mutual covenants contained herein and for other good and valuable consideration, the parties agree as follows:
PART I.
DEFINITIONS
The following terms shall have the following meanings:
Licensor means [company name of licensor], its successors, and assigns.
Licensee means [company name of licensee], its successors, and assigns.
Trademark means [Name of trademark], as applied to food products.
Package means an individual carton of the product containing no less than [amount] of the product.
Product means [name product subject to agreement].
Contract year means the period beginning [start date for contract] of each calendar year and ending [end date of contract].
PART II.
INTEREST GRANTED
Subject to the terms and conditions specified in this agreement, licensor hereby grants to licensee [name of product] to sell throughout the [name country or state] and its territories.
PART III.
INITIAL FEE
The licensee will pay an initial fee of [amount of fee] on execution of this agreement.
PART IV.
ROYALTIES
The licensee shall pay a royalty of [amount of money] cents for each [package] of the product sold.
1. An advance royalty of [advance royalty] shall be paid on execution of this agreement.
2. The licensee shall submit within [amount of days] days after the close of each quarter during the contract year, a report showing the amount of sales by dollar invoice value and by package sales volume.
PART V.
SUPERVISION OF LICENSEE
1. The licensee agrees to provide samples of the product to licensor no less than [number of times for samples] per month.
2. The licensee shall not, directly or indirectly, license to any other person or firm to use the trademark.
PART VI.
DEFICIENCIES
If licensor finds the product to be deficient in quality or packaged in a misleading manner, then the licensor may notify licensee in writing to correct the problems within [amount of days for deficiencies notice] days.
PART VII.
ADVERTISING AND PACKAGING
All advertising and packaging must adhere to the following rules and regulations:
PART VIII.
ADVERTISING EXPENDITURES
The licensee shall pay [amount of money of total gross receipts] of its total gross receipts for national advertising and promotion of the products. The licensee further agrees to spend for its own advertising a sum equal to [amount of money for advertising].
PART IX.
REDUCTION OF MINIMUM ROYALTY
If any conditions beyond licensees control limit sales to less than [minimum sales amount] of sales in the preceding year, then the royalty payable shall be reduced to [royalty amount if sales dip below minimum].
PART X.
TERMINATION
This agreement shall be in effect until [last date for this agreement]. This agreement may be renewed [renewal period for contract] at the option of licensee. Upon termination of this agreement the licensee will immediately discontinue use of the trademark.
In witness whereof, the parties have executed this agreement at [location] on [date].
Signature Date
Signature Date