THE LICENCE AGREEMENT

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The licence agreement is one of the most important business contracts used for transfer of technology. It serves that licensee gets an appropriate technology and obtains competitive adventages over its competitors in order to survive on market contest. At the other side licensor acquires a licence fee that is financial satisfaction for its innovative efforts.

The licence agreement is a charged, bi-partially binding and lasting agreement intuitu personae with name and contents regulated in accordance to the Law on Contracts and Torts (LCT) and the Law on Foreign Trade Operations (LFTO). Both laws require a written form for the Licence Agreement. In a case it is a licence agreement with a foreign element, the LFTO requires registration of the agreement at the respective body as well. The LFTO also prescribes causes, which must and must not be included within a licence agreement.