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welcome to the invention licensing show im your host david fiedel and im here to help you license your product today were going to jump into a mini series on the must-haves in licensing contracts so to jump right into it the must-haves are licensing contracts im gonna get into number one because its the structure of the entire deal and its the thing most inventors they get their licensing contract and they flip through every page until they find the royalty agreement and then or the royalty rate and theyre like all right im good but in reality and thats something that i did personally right i flipped through i saw that five percent or seven percent i was like all right im good to go but now that ive been in the business so long ive helped inventors sign over 170 licensing deals ive seen a lot of contracts ive helped people negotiate these deals and the core of the entire contract is based off the grant the grant is the center of the spider web and everything else comes o