Contract-Signing Protocols John Mitchell Stanford TECS Week2005.
Signing The Contract
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Transcript of Signing The Contract
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Signing Your Dream Team
Pete CanalichioLicensing Brands, Inc.
January 13, 2011
The following slides are an abridged section from our webinar series “How to Build Your Brand Licensing Dynasty”
To purchase the complete webinar and series with audio visit www.BrandLicensingExpert.com
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Agenda
• Review of previous webinars • Agreeing the deal terms• Internal deal memo approval• Standard terms & conditions• Signing the contract• Summarizing the process
Confidential
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Deal Terms Revisited
• Information from the application and conservative business estimator are used to develop deal terms
• Deal terms ultimately form the basis of the license agreement
Confidential
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Signing the Deal Term Summary
• A completed Deal Term Summary− Clarifies the specific details of the agreement for both
parties− Feeds directly into the contract draft (Schedules B & C)− Puts all the terms in one place for easy access and review
• Physical signing of the Deal Term Summary is recommended – it will eliminate any confusion or misunderstanding
Confidential
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Standard Contract Terms & Conditions
• Once the Deal Term Summary and Deal Term Sheets are signed, the contract is ready to be drafted. Typical provisions include:− Schedule A Standard Terms & Conditions− Schedule B Scope of License− Schedule C Royalty and Payment Terms− Schedule D Submissions Notice− Schedule E Manufacturer Agreement− Schedule F Quality Standards
Confidential
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Memo to the CEO
• Larger deals may require the approval of senior management
• In such cases, a memo outlining the details of the agreement may be prepared
• Key sections to cover:− Can the licensee deliver reliable quality and service levels?− How will it help the brand?− Does the financial return justify our time and total efforts?
Confidential
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Signing the contract!
• Once all the memos, terms and legal copy is agreed and approved, you are ready to sign your dream team
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Summarizing the Process
• Agree all deal terms
• Sign the Deal Term Summary
• Finalize Term Sheet and obtain internal approval
Draft the Contract
• Work with Legal to complete
• Allow licensee ample time to review
• Modify terms as needed to ensure Win – Win
Negotiate Contract
• Draft CEO Memo as required
• Determine quantity of original contracts
• Sign and toast the partnership
Sign Contract!
Confidential
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This has been a snippet from our webinar series “How to Build Your Brand Licensing Dynasty” To purchase the complete series with audio
visit www.BrandLicensingExpert.com