How To Use
This review list is provided to help you to complete the Technology Sale Agreement and ensure that the necessary steps are taken to make it effective.
- The Sale of Technology Agreement is used to transfer ownership of a Technology program from the owner to a buyer for a sum of money. This is similar to an Asset Sale or Bulk Transfer Sale. You are encouraged to read the review list for that document, under the “Business Agreements” section for more information on the subject. After completing this transaction, the party selling the program retains no interest and has no rights in the Technology. Make sure these terms are acceptable to you. If not, you can modify this agreement to a nonexclusive one. A nonexclusive agreement often results in only slightly less money since the Buyer is not in the business of reselling technology but merely wishes to have it under its possession and control for further development.
- Examples of such transactions would be a retail point of sale and inventory program that a large retailer such as Home Depot would want to own outright, and get the benefit of not having to pay additional license fees as new stores roll out. The Seller would benefit by being able to resell the same program to other large customers. An exclusive license is generally sought when the buyer wants absolute control over the technology so as to include it in a proprietary program or programs it is using. An example of that is when a company such as ours, Simply Media, wishes to have the exclusive rights to certain materials we use in our CDs. This is a business decision for you to make, not a legal one.
- This Agreement is an important sales document for you and/or your corporation. You are well advised to seek legal review to be sure the legal and business aspects of the agreement work for your particular situation and venue.
- Print multiple copies of this agreement so both have at least one signed original copy each. An extra copy should be kept at your home or office with your other corporate papers, as well.