Adding Party To Agreement

Under the license agreement, Nestor has authorized its software to ACI and ACI to “use, modify, improve, market, sublicense, maintain and support.” However, the entire software and any improvements made by ACI were still the property of Nestor. The licensing agreement required ACI to pay royalties to Nestor for the license of “fifteen percent of the fees paid by ACI`s customers for the use of the new technology.” For subsequent events, it was important that the license agreement also provide that ,a) “the license agreement may be terminated unilaterally by one party if the other party becomes insolvent, transfers all of its assets or ceases to do business”, b) ACI is liable for royalties that comply with “all sublicenses granted by ACI prior to termination” and (c) “this agreement may only be amended with the agreement of both parties”.

Comments are closed.