Technology Transfer

Model Agreements


Model Technology Transfer Agreement


By the Government of the Republic of Korea







Article 7. Supply of Component, Parts and Raw Materials

1. Upon Licensee’s written request, Licensor shall supply components, parts and raw materials to Licensee in due time and at reasonable and competitive prices.

2. Licensee shall open irrevocable Letter of Credit to buy components, parts and raw materials from Licensor.





Article 8. Records, Auditing and Reports

1. Licensee shall send its statement of royalties due for the immediately preceding ( ) month period together with full evidences which Licensor may require, to reach Licensor not later than ( ) days after the expiration of the immediately preceding ( ) month period.

2. At the time of remitting the royalties, Licensee shall submit to Licensor a written report stating the net selling price, overall order price with clients, the number, and the type of the Licensed Products sold or used by Licensee under this Agreement during the ( ) month period ended on 30 June and 31 December each year.

Article 9. Guarantee

1. During the terms of this Agreement, Licensor shall be responsible for damage resulting from defective Technical Information and parts furnished to Licensee by Licensor.

2. Licensor shall not be responsible for consequential damages resulting from the faulty application of Technical Information by Licensee.





Article 10. Duration and Termination

1. This Agreement shall be effective for an initial period of ( ) years from the effective date of this Agreement.

After the end of this period, the Agreement shall expire without notice. The parties may agree to extend the term of this Agreement, provided, however, that any extension shall be subject to the necessary approval by the Government of (country).

2. If either party hereto continues in default of any obligation imposed on it here in for more than ( ) days after written notice has been dispatched by registered airmail by the other party requesting the party in default to remedy such default, the other party may terminate this effect by registered airmail to the first party and this Agreement shall terminate on the date of dispatch of such notice.

In the event of bankruptcy, receivership, insolvency or assignment for the benefit of creditors of either party hereto, the other party may terminate this Agreement, effective immediately by giving the first party written notice to that effect.





Article 11. Use of Trademark and Brand Name

1. Licensor hereby grants to Licensee, upon the terms and conditions hereinafter specified, (an exclusive, a non-exclusive), non-assignable licence to use the Licensed Trademarks during such time as this Agreement subsist in such manner as not to deceive the public, on and in connection with the Licensed Products. Licensor will not grant a Licence to use the Licensed Trademarks in the Contract Territory to any other third party in (country) during the term of this Agreement.

2. Licensee shall be entitled to use Licensed Trademarks on Licensee’s letter headings, invoices and all advertising and promotional material in such form and in such manner as shall be approved at the first consulting in writing with the Licensor.

3. Each Licensed Trademark shall be used only after it has been duly registered with the Patent Office, and after this Agreement has also been duly registered with the Patent Office.

4. This License to use the Licensed Trademark is provided on a royalty free basis.

5. If this Agreement is terminated, Licensee shall immediately cease using the Licensed Trademark.