_____________________, referred to as the INVENTOR, and __________________, referred to as the LICENSEE, agree:
INVENTOR licenses LICENSEE to practice an invention related to _____________________, bearing the following Indian. Patents:
___________________, in the following territory:
_______________________________________________________________
This license shall be on an exclusive basis. The license shall be for the life of the patent, and any patents constituting an improvement on the original. Licensee shall pay Inventor Rs.__.__ per piece sold 60 days after the end of the month of sale. In other words, a Sale in October shall be due on the last day of December of that same year. However, if in any calendar year the royalties paid to INVENTOR shall be less than Rs.____(________________&___/100 rupees) the license may be canceled by the INVENTOR within _______ after the end of the _____________. Licensee shall have the right to prepay royalties at the end of any calendar year to keep the license in full force and effect, and this agreement in full force and effect. These prepayments may be applied to future Sales by Licensee….
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