finally a bit more time to follow up the license fee post above in the thread;
1) 'Intent to engage' - the current first revenue payment received by weebit
this defines the agreement under which parties to the agreement will proceed- it states the type of agreement, identifies the parties, the IP specifics involved and the License grant rights.
the following are the provisions that will be under discussion and agreed to by the parties to the MLA agreement
2) Scope of the license - this will clarify and stipulate how the specific IP can be used - where it can be used, whether or not it can be copied under the agreement, whether or not it can be modified, what the distribution rights will be, whether or not sub - licensing will be permitted and the audit schedule and cost to verify this is authentic in practice
3) Restrictions and Rights - the stated 'forbidden uses' - the disclaimer on third party licenses - this will depend heavily on enforceable penalties for breach of gov. policy and / or trade restrictions / customer company affiliations and existing agreements etc
4) Deliverables - Products are delivered ' media type of the product delivered. all associated terms and conditions
5) Acceptance - conditions under which a 'Proven IP' is accepted
6) Payments - this is the ongoing fee structure related to these additional provisions listed and includes payment terms and the currency of payment, the method of payment and all associated taxes ' the rights and terms of audit associated with 'payments'
7) Special Provisions - IP mobility. IP performance limitations, Sales and Marketing terms and conditions
8) Warranty - time horizon of the IP issuance; terms and conditions related to IP failure; and specifically what voids warranty
9) Indemnification
10) Limitation of Liability
11) Maintenance
12) Support
13) Terms and early termination agreement
14) Confidentiality
15) IP security
These will all follow on as additional 'revenues' as they are finalised and listed in the IP agreement with who ever this customer may be....ah the intricacies of new product and technology disruption = $$$$$$$
Understanding the true nature of this 'first revenue' it is really mind boggling the ASX fail to understand the relevance as a price sensitive release to market - both DBH and this 'revenue' are indeed price sensitive
Any hoo - multiple shots on goal -
4)
(20min delay)