How to license your invention for royalties


After you brought your new idea to full use, you have invented it; and after you have got your intellectual property protection, you have got it patented. Like most independent inventors, the next task at hand will be licensing your invention, which will help you to get royalties.
Licensing route
Licensing is a legal written contract where the patent owner is the licensor, who grants the rights of the patent to a licensee, to the person who wants to license the patent. Those rights can include use or copy your invention and the right to sell your invention. While licensing your invention you can also write "performance obligations" in the contract, for example, you just want your invention to sit on the shelf, and when you include a clause that your invention must be dropped at the market within a specific amount of your time. You can determine how long the license agreement will be in effect. Licensing your invention is revocable by breach of contract, by pre-determined deadlines, or by failure to meet performance obligations.
How to Roll Money - Royalty, Outright
Your contract license is a one-time payment or/and can determine that you receive royalties from the licensee. These royalties typically last until your patent expires, that’s twenty years that you just may receive a little percentage of them make the most of it from each product that’s sold. The average royalty is around 3% of the wholesale price of the product, and that percentage can typically range from 2% to 10%, and up to 25% in very rare cases.
With work, you can also receive royalties, however, with lump-sum payments being made with more common (and larger) tasks. The issue should be raised that the license is revocable, because when someone does not pay you that your royalty is a breach of contract, and you can take away your rights to cancel the contract and use your invention. 

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