A) KEY COMMERCIAL CONSIDERATIONS

Parties: confirm which entities will be party to the agreement—identify which entity owns the trade marks (i.e., the licensor) and which entity will be using them (i.e., the licensee). Confirm each party's legal status and whether any third parties (such as group affiliates) will benefit from the proposed agreement.

Third party guarantees: confirm whether any third party will guarantee a party's performance or financial obligations.

Commencement, duration and termination

Commencement/effective date: confirm proposed commencement/effective date.

Duration: confirm whether the proposed licence will be for a fixed term or rolling contract. Identify notice periods for renewals and termination.

Conditions precedent: are there any pre-conditions, which must be satisfied before the proposed agreement can take effect?

Termination: confirm nature of any early termination rights, i.e. termination for cause only or rights to terminate for convenience, change of control, breach, insolvency etc.

Key definitions