Tips to Make a Source Code Agreement
If you want to sell the rights of software to other people for promotional and marketing purposes, you will need a source code agreement. This is made between the licensor and the license. In this article, we will discuss further about the template of this agreement.
For your information, licensor is the one who has the rights to that software. On the other hand, licensee is the one who would like to use that software under the terms & conditions stated in the agreement. This agreement must be legal & efficient.
How to Write a Source Code Agreement
There are some parts that must be contained in the source code agreement template. The first is definition. In this first section, you will have to explain various legal terms which will be added in this agreement. Make sure that you explain them as clear and detailed as possible.
Some of the most common definitions used in this agreement are such as software, licensed products, license fee, end users, derivative products, etc. Here, you should add the terms with others said by the attorney. You must explain them briefly with easy language to make both parties understand so well.
The second section that you will need to include in the agreement is grant of rights. This section is very important and essential. It consists of short disclaimer made by the licensor that she or he grants rights of his or her software to the licensee mentioned on the date given.
Still related to this section, there should also be a detailed description of the documentation & software which is to be handed solely on to the licensee & his or her responsibility regarding to that. You have to state it in detailed and clearly in the source code contract template.
In writing this agreement, there should also be a section for modification. It is the changes made by the licensor in order to provide the better updates as well as error corrections to the agreement. In fact, software will always need to be updated gradually so that the quality is getting better.
If the updated version of the documentation & software reflects any bug or error fix, you have to mention it in this agreement. To mention it, you should use specifications to the enhancements & features. Make sure that anything related to modification is included completely without any missing.
Then, this agreement should also contain license fees & royalties. This includes the price of the documentation & software bought by the licensee. The licensee also agrees to provide the royalties to the licensor. It should be based on the software license net sales. The payment due must be stated, too.
Last, you have to include the terms & conditions related to protecting intellectual property. The license needs to follow this source code agreement to protect the copyrights as well as warranties. Therefore, the developer will be able to protect their programming from third party.
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