QUESTION
What agreement contract do I need if someone granted me permission to use their name for a business?
Asked on Aug 11th, 2015 on Patents - Nebraska
More details to this question:
A friend of mine has a very unusual nickname which seemed fitting for my web company. I have asked her permission to make use of it and she agreed, if I pay her 5% of profits (if I make any). I am more than willing to make this deal as the name means much more to me. What kind of agreement or contract do I need to make with her to make it more "foolproof" and not screw each other in the deal. I just don't like the verbal "gentleman's agreement" we have and would like it on paper.
2 ANSWERS
Appellate Litigation Attorney serving Boston, MA
at
Banner & Witcoff, Ltd.
Update Your Profile
A simple written agreement - stating the agreed terms - signed by both parties and notarized should be adequate. You may also want to check the trademark database at the US Patent & Trademark Office - www.uspto.gov - to be sure nobody has taken your friend's nickname as a trademark. GOOD LUCK.
Answered on Aug 12th, 2015 at 8:38 AM
Can I be your friend's attorney? She's a very astute negotiator. If your business is at all successful, she going to walk away with a chunk of money without doing anything. This can be easily handled with a written agreement that covers all aspects of your agreement both in the immediate start-up period and for the long term. I recommend working with an attorney because this is the kind of thing that can come back to cause a lot of trouble.
Answered on Aug 11th, 2015 at 6:43 PM