License Agreement In Armenia

Under the Civil Code of the Republic of Armenia, a licensing agreement, the patent holder (licensor) undertakes to grant another party (licensee) the right to use an object protected by a patent within the scope stipulated by the agreement, while the licensee undertakes to pay the licensor the remuneration specified in the agreement and to perform other obligations provided therein.

Protected subject matter may encompass tangible assets; however, it most commonly refers to intellectual property, including copyrighted works, trade secrets, trademarks, brand names, and patents. License agreements do not transfer ownership of the protected asset to the licensee; rather, they confer a limited right of use in accordance with the terms and conditions of the agreement.