Page 531 - 30 Days To Internet Marketing Success
P. 531
30 Days To Internet Marketing Success
by Joe Kumar
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www.InternetMarketingLawProducts.com
www.legalzoom.com
Once I find a contract that meets my needs and I’ve filled it
out correctly, I’ll fax it to the buyer for review. It may take
a few days to work out the details, but essentially I’m selling
the rights to my idea for a set fee. I want the full payment
immediately via check or wire and that should be included in
the contact under payment terms.
The buyer will want a Full Rights Agreement or to have the
sole "rights" to the idea. This type of agreement prevents
me from selling the idea to anyone else.
On the other hand, I would like a Royalty Agreement where
I retain the "rights" to the product idea but the buyer has
the right to develop and sell the product. I would then
receive a royalty (5-15%) of each sale. This would be easier
to negotiate, if in fact there was a tangible product being
sold and not just an idea.
I’ll try to negotiate for the Royalty Agreement and settle for
the Full Rights Agreement.
Note: Assuming the buyer implements an affiliate program,
I’ll also want to negotiate that I can become an affiliate for
no charge. I’ll want to keep abreast of the buyer’s product
development efforts and launch date.
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