You are a competent successful person. You already have a good idea of how the terms are panning out. You need only to have it put on paper. Believe me, you can do this. Do keep it simple but do have it then reviewed by your attorney for strength.
With our product we wanted obviously to establish the basics:
Who is the licensor?
Who is the licensee?
How much per unit?
When the agreement expires
The option for the manufacturer to have first opportunity to make an offer in advance of expiration
What are the payment terms?
Your role as licensor -- things you expect to maintain some level of control over or at least be kept in the loop for such as
- marketing efforts
- product image
- sales training
- customer service
- Their role as licensee (things you expect them to maintain and advance such as an annual marketing plan, steadily increasing sales, monthly sales reports delivered with royalty)
Escape clause if they fail to perform their role
Retention clause that allows the manufacturer ample time to correct problems that keep them from maintaining the agreement.
We made an attempt to get them to commit to growing sales numbers and minimum royalties that increased annually. They balked at this but then as we went back and forth, we eventually ended up with something that worked well on both sides.
I think keeping it simple leaves little room for misinterpretation and that`s important. Our licensing agreement was 3 or 4 pages total with a signature page.
You can expect them to make some changes and reword things a little. It shouldn`t cost much to have your attorney look over the agreement each time. Just remember that you don`t have to do everything that your attorney tells you to do. That sounds ridiculous but you know more than he/she does what will make or break the agreement. Your attorney just needs to make sure that you don`t put yourself in a vulnerable position that you can`t wiggle out of if necessary.
JE Design Group, LLC
If all you do is what you`ve done, then all you`ll get is what you`ve got.