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Simple Royalty Agreement

Simple Royalty Agreement Template for New Zealand

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Key Requirements PROMPT example:

Simple Royalty Agreement

"I need a Simple Royalty Agreement under New Zealand law for licensing my proprietary software to a distributor in Australia and New Zealand, with a 15% royalty rate on net sales and quarterly reporting requirements, to commence from January 2025."

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Document background
The Simple Royalty Agreement is essential for businesses and individuals in New Zealand who wish to monetize their intellectual property, creative works, or other assets through licensing arrangements. This document is commonly used when one party owns valuable intellectual property rights (such as patents, trademarks, copyrights, or proprietary content) and wishes to grant another party the right to use these assets in exchange for regular royalty payments. The agreement must comply with New Zealand's legal framework, including the Contract and Commercial Law Act 2017, Copyright Act 1994, and Fair Trading Act 1986. It provides a structured framework for defining payment terms, usage rights, reporting requirements, and quality control measures, while offering flexibility to accommodate various types of intellectual property and business arrangements.
Suggested Sections

1. Parties: Identifies and provides full legal details of all parties to the agreement

2. Background: Sets out the context of the agreement, including ownership of the intellectual property or assets

3. Definitions: Defines key terms used throughout the agreement

4. Grant of Rights: Specifies the rights being licensed and any restrictions on their use

5. Calculation of Royalties: Details how royalties will be calculated, including rates and basis

6. Payment Terms: Specifies payment frequency, method, currency, and handling of taxes

7. Reporting Requirements: Outlines the licensee's obligations to report sales or usage

8. Record Keeping and Audit Rights: Details requirements for maintaining records and the licensor's audit rights

9. Term and Termination: Specifies duration of agreement and circumstances for termination

10. General Provisions: Standard clauses including governing law, notices, and assignment rights

Optional Sections

1. Quality Control: Required when the licensed property needs to maintain certain quality standards

2. Territorial Restrictions: Used when the license is limited to specific geographic areas

3. Minimum Guarantees: Include when there are minimum royalty payments required

4. Sub-licensing Rights: Needed if the licensee is permitted to sub-license the rights

5. Marketing and Promotion: Include when there are specific requirements for promoting the licensed property

6. Confidentiality: Required when sensitive information will be shared between parties

7. Insurance Requirements: Include when specific insurance coverage is required for the licensed activities

Suggested Schedules

1. Schedule 1 - Licensed Property: Detailed description of the intellectual property or assets being licensed

2. Schedule 2 - Royalty Rates: Detailed breakdown of royalty rates, including any tiered structure

3. Schedule 3 - Reporting Template: Template for regular royalty reports

4. Schedule 4 - Quality Standards: Detailed quality control requirements and specifications

5. Schedule 5 - Territories: List and description of authorized territories

6. Appendix A - Approved Product Categories: List of approved products or services for which the license is granted

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

























Clauses


























Relevant Industries

Technology

Media and Entertainment

Publishing

Manufacturing

Pharmaceuticals

Software

Fashion and Apparel

Music Industry

Gaming

Biotechnology

Research and Development

Consumer Products

Arts and Culture

Relevant Teams

Legal

Commercial

Business Development

Intellectual Property

Finance

Research and Development

Product Development

Content Creation

Licensing

Executive Leadership

Relevant Roles

Intellectual Property Lawyer

Commercial Lawyer

Legal Counsel

Contract Manager

Business Development Manager

Licensing Manager

IP Portfolio Manager

Chief Legal Officer

Commercial Director

Rights Manager

Creative Director

Content Manager

Research Director

Product Manager

CEO

CFO

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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