Software Term Sheet Design
This Software Term Sheet ("Term Sheet") outlines the basic terms and conditions under which [YOUR COMPANY NAME], intends to enter into a software licensing agreement with QuantumTech Solutions, as of the 15th of January, 2062. This Term Sheet is non-binding and is intended to serve as a basis for further negotiations.
1. Parties
Licensee: QuantumTech Solutions, with its principal place of business at Palo Alto, California, 94301.
2. Software
Description: QuantumLeap Suite is an advanced data analytics platform designed for quantum computing environments. It provides real-time data processing, predictive analytics, and machine learning capabilities optimized for quantum processors.
3. License Grant
4. License Fees
Upfront Fee: $2,000,000 due upon execution of the final agreement.
Annual Maintenance Fee: $500,000 due annually for support and updates.
Royalties: 7% of gross revenue derived from the software.
Payment Terms: Payments are due within 30 days of invoice date.
5. Support and Maintenance
6. Intellectual Property
7. Confidentiality
Definition: "Confidential Information" includes all non-public information disclosed by either party, including software code, business strategies, and client data.
8. Warranties and Disclaimers
Limitations of Liability: Licensor's liability is limited to $1,000,000 or to direct damages only, excluding any indirect, incidental, or consequential damages.
9. Term and Termination
Term: The license shall commence on February 1, 2062, and shall continue until January 31, 2067, unless terminated earlier.
10. Miscellaneous
Signatures
This Term Sheet is acknowledged and agreed to by the following authorized representatives of the respective parties.
[YOUR NAME], CEO
[YOUR COMPANY NAME]
January 15, 2062
Dave Michaels, CEO
QuantumTech Solutions
January 15, 2062
Term Sheet Templates @ Template.net
