The Loan License Agreement is utilized when parties need to establish a temporary right to use specific assets or intellectual property while incorporating loan financing terms. This document type is particularly relevant in Singapore's business environment, where intellectual property rights and financial transactions are strictly regulated. The agreement typically includes detailed terms about the licensed material, payment schedules, interest rates, usage rights, and termination conditions, all while ensuring compliance with Singapore's legal framework. It provides a structured approach to temporary asset utilization while protecting both the licensor's ownership rights and the licensee's usage rights.
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Key Requirements PROMPT example:
Loan License Agreement
"I need a Loan License Agreement for temporarily licensing our proprietary software to a Singapore-based fintech company, with quarterly repayments and specific usage restrictions for a 24-month term starting March 2025."
1. Parties: Identification of licensor and licensee with full legal names and addresses
2. Background: Context of the agreement and brief description of the licensed material/property
3. Definitions: Key terms used throughout the agreement including Licensed Material, Term, License Fee
4. Grant of License: Specific terms of the license including scope, territory, and usage rights
5. License Fee and Payment Terms: Financial terms including payment schedule, interest rates, and payment method
6. Term and Termination: Duration of agreement and circumstances for termination
7. Confidentiality: Protection of confidential information shared during the agreement
1. Intellectual Property Rights: Specific IP provisions when licensed material involves patents, trademarks, or copyrights
2. Data Protection: PDPA compliance measures for handling personal data under the agreement
3. Technical Support: Support and maintenance terms for software or technical products
4. Export Control: Export compliance provisions for materials subject to export restrictions
1. Schedule 1 - Licensed Material: Detailed description of licensed property/material
2. Schedule 2 - License Fee Schedule: Detailed payment terms and calculations
3. Schedule 3 - Technical Specifications: Technical details of licensed material if applicable
4. Schedule 4 - Service Level Agreement: Performance metrics and support details if applicable
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