The licensing agreement under the Bulgarian Commmerce Act
With the licensing agreement the licensor - author of an invention, utility model, industrial design, trademark, integrated circuit topology or production experience - grants the use of all or part thereof to a licensee for consideration. The agreement is concluded in writing. The licensing agreement is entered in the register of the Patent Office. It can not be enforced against third parties after the registration. The licensor undertakes to provide the licensee with the agreed information and assistance on the use of the subject of the license. The licensee is obliged to keep secret any information regarding an unpatented invention, utility model or experience which he has been granted the right to use.
When licensing a brand, the licensee is obliged to ensure the quality of the product, which corresponds to the brand and has earned a reputation among consumers prior to the conclusion of the contract.
Under a sublicense agreement, the licensee of an exclusive license may grant the right to use the subject of the license to another person. The license agreement may exclude the right to sublicense under paragraph 1, or provide for sublicensing with the consent of the licensor.
A license agreement of indefinite duration is terminated by written notice of either party. The notice period is six months, unless otherwise provided in the contract, but the licensor may not terminate the contract before the expiration of the first year of its operation.