Financial Elements of IP Contracts: Drafting, Monitoring and Compliance Audits navigates the nuances of drafting key financial terms for license agreements and shows how proper monitoring and auditing should occur once a deal is in place. Lawyers involved in drafting license and other self-reporting contracts typically understand boilerplate provisions but not the financial nuances that are subject to high degrees of interpretation that eventually costs Licensors significant money and business relationships. Billions of dollars are lost annually and significant litigation results from poorly thought-out critical financial, monitoring and auditing terms. Unfortunately, these shortcomings are generally not discovered until a royalty audit or in litigation, at which point it's often too late to undo the damage, leaving the licensor with no choice but to accept pennies on the dollar or the inability to terminate a poor agreement. A typical royalty audit discovers monetary underreporting discrepancies in excess of 20% often due to poor license agreement language and monitoring. This class will cover the most common financial terminology mistakes that occur in almost every license agreement and the importance of selecting the proper royalty audit expert.
January 11, 2012 1:00 PM Eastern
1 hour, 30 minutes
Licensing Executives Society (USA & Canada)
CLE (California): 1.50
CLE (Illinois): 1.50
Certified Licensing Professionals, Inc.: 1.50
LES Member Price:$0.00