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Business transactions may include various licensing agreements

Businesses in Texas and elsewhere may take advantage of a wide variety of licensing arrangements that may benefit both parties to the transaction. Licenses may consist of business transactions permitting the use of patents, trademarks or other technology from one firm to another. A recent transaction between a university in another state and an innovation technology firm is an example of such a licensing arrangement.

In the agreement, the university will grant a license to the technology firm, SensIT Ventures Inc., to use the university's ion mobility spectrometer. The device is capable of detecting trace chemicals from environmental samples. It detects the chemicals on a much smaller size, weight and power level than traditional detection devices.

The chip-based technology of this discovery will have multiple uses and can be integrated and linked to wireless data transmissions and cloud-based analytics. Potential applications include applications in defense and security, agriculture, health care and numerous other activities. The technology will be able to detect explosives, spot plant diseases and identify environmental factors for asthma.

The technology was developed by a professor in chemical sensing at the University of California at Davis. She will work with the SensIT Ventures Inc., of which she is a co-founder. Her goal is to see the technology advance to broad commercial use. The firm uses its inventions to develop, build and market chemical sensors.

Businesses and educational complexes in Texas are engaged in analogous licensing ventures and are assisted by business transactions attorneys on the legal end of the spectrum. Each licensing agreement is a unique understanding between the parties which must be drawn up to specifications. It also contains all of the exceptions, provisos and special provisions that are contained in all business agreements that are negotiated by two companies. 

Source: photonics.com, "UC Davis Signs Licensing Agreement with Local Startup for Chemical Identification Technology," Jan. 12, 2018

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