6 tips for protecting

One of the most important license terms, of course, is your audit rights. All licensing is risky but a licensee monitoring program will help to and spell out how long you have to you are no longer allowed to audit a royalty statement.

5. Exercise your right to audit

Ensure you engage auditors that understand the industry and the ongoing nature of your relationship with your licensing partners—the delicate line you tread between trust it helps you identify contract languages that have unintended con any unauthorized or damaging use

6. Maintain good relations with your constituents

Finally, don’t make your relationship with your licensees - actional— communicate, communicate, communicate.

Goods and services today contain a high proportion of design, invention, creativity and identity that make them highly saleable and marketable. Thus, not just for entertainment stars like Lea Salonga or a successful restaurant chain like Max’s, any young brand should look after their exclusivity and put the necessary protections in Thorntonisoneoftheleadingaudit,tax,advisoryand

- ippines,with21partnersand morethan800staffmembers. Foryourcomments,please emailmai.sigue-bisnar@ph.gt.

- ketscomm@ph.gt.com. For GrantThornton,visitourwebsite www.grantthornton.com.ph.