The Product Royalty Agreement is a crucial document used when one party (licensor) grants another party (licensee) the right to use, manufacture, or sell a specific product in exchange for royalty payments. This agreement is particularly important in the Indian business context, where it must comply with various regulations including the Indian Contract Act, 1872, intellectual property laws, and tax regulations. The document typically includes detailed provisions about product specifications, quality standards, territory restrictions, and payment terms. It's commonly used in manufacturing, technology transfer, and brand licensing arrangements, requiring careful consideration of Indian foreign exchange regulations when international parties are involved. The agreement serves as a comprehensive framework for protecting the interests of both parties while ensuring compliance with Indian legal requirements.
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1. Parties: Identification of the licensor and licensee with their complete legal details
2. Background: Context of the agreement, including product ownership and business relationship
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of Rights: Scope of rights granted, including territory, exclusivity, and any restrictions
5. Product Specifications: Detailed description of the licensed product and its specifications
6. Royalty Rates and Payments: Structure of royalty calculations, payment terms, currency, and reporting requirements
7. Quality Control: Quality standards, inspection rights, and approval processes
8. Record Keeping and Audit Rights: Requirements for maintaining records and rights to audit
9. Intellectual Property Rights: Protection and ownership of IP rights related to the product
10. Term and Termination: Duration of agreement and circumstances for termination
11. Confidentiality: Protection of confidential information exchanged during the agreement
12. Representations and Warranties: Statements of fact and promises made by both parties
13. Indemnification: Obligations to protect against losses and liabilities
14. Governing Law and Dispute Resolution: Applicable law and method of resolving disputes
15. General Provisions: Standard boilerplate clauses including notices, assignment, and amendments
1. Manufacturing Standards: Required when the agreement involves manufacturing rights or specific production requirements
2. Marketing and Promotion: Included when the agreement covers marketing rights and obligations
3. Sub-licensing Rights: Needed when sub-licensing is permitted under the agreement
4. Export Control: Required for products subject to export regulations or international trade
5. Environmental Compliance: Necessary for products with environmental impact or regulations
6. Technology Transfer: Included when technical knowledge or know-how transfer is involved
7. Training and Support: Required when ongoing technical support or training is part of the agreement
8. Insurance Requirements: Included when specific insurance coverage is mandatory
1. Schedule A - Product Specifications: Detailed technical specifications and drawings of the licensed product
2. Schedule B - Royalty Calculation Method: Detailed formula and examples of royalty calculations
3. Schedule C - Quality Standards: Specific quality requirements and testing procedures
4. Schedule D - Territory Definition: Detailed description of geographical territories covered
5. Schedule E - Reporting Templates: Standard forms for sales reports and royalty calculations
6. Schedule F - Approved Manufacturing Facilities: List of approved manufacturing locations if applicable
7. Appendix 1 - Brand Guidelines: Guidelines for using associated brands or trademarks
8. Appendix 2 - Compliance Requirements: Specific regulatory or industry compliance requirements
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