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hello and welcome to another in bent right comm youtube show my name is Andrew Krause I co-founded an event right with Stephen key over 18 years ago so on this show I want to talk about licensing contracts and just really it's really the basics what is a licensing contract as in a previous video I explained that sometimes when people are utilized in saying they don't know the difference between a patent and what is licensing and what is a patent so patent is just protecting something and a licensing agreement is your agreement with the company that you do a deal with so that they have to pay royalties while they sell the product so I wanted to cover a little bit more about what is a licensing agreement why do you need one and cover a few things that shock people a good percentage of a percentage of our students when they do a licensing agreement the company doesn't care about a patent now some don't care at all say oh no yeah we'll pay you a royalty we we we don't really do patents and but you came to us with this idea we're gonna distribute and sell this and we'll pay this royalty so don't always think and I had talked to a patent attorney the other day and he was like well what are you selling what are you selling and it's like well you're selling the benefit of your product so they can sell this thing to make money the licensing contract does not always have to be dependent on a patent and it's actually better if it's not quite often it is and that's fine you filed a provisional and you see if they want to pay for the patent or give you the money to do it and you can write in there that your licensing the patent but sometimes your licensing the know-how or just the the product itself so one thing that surprised a lot of people about licensing agreements it doesn't have to be dependent on a patent patent patent licensing the pan you can license the know-how or the product itself without the patent and you can that's another thing that I think is really important to understand with licensing agreements there are no rules there are basic rules that are very important and you shouldn't make up a bunch of your own rules but if you and the licensee you're the license or and they're the licensee if you and then a on things you can put whatever you want a licensing contract it's not like a patent where it has to be written a certain way for a patent office to approve it this is a contract between you and the company so as long as everything makes sense to both of you you can agree on whatever and that's what I think some some patent attorneys don't understand they get too wrapped up...