Code of Conduct: An individual university’s requirements for licensees related to workers’ rights, working conditions, or other policies affecting the manufacture of its Licensed Consumer Products.
Licensed Intellectual Property: An umbrella term for a university’s visual ownership portfolio including the trademarks, service marks, trade dress, colors, color combinations, team names, abbreviations, acronyms, mascots, nicknames, distinctive landmarks, geographic references in the appropriate context, and other related intellectual property owned or controlled by a university.
Licensee: The company to whom a license is granted by Fermata on behalf of a university for the right to use its Licensed IP in the design, manufacturing, marketing, packaging, promotion, and distribution of Licensed Consumer Products.
Licensed Consumer Products: The items (i.e., T-shirt, hat, mug, keychain) bearing a university’s Licensed IP that the licensee is permitted to design, manufacture, market, and distribute.
Licensing: The granting to companies the right to design, manufacture, market and distribute Licensed Consumer Products bearing the Licensed IP of a university for a defined term, through approved Retail Channels in return for a payment and/or other obligations.
Property: The entity the owns or holds the rights to the Intellectual Property and grants a licensee the right to design, manufacture, market and distribute licensed products through a license agreement. Universities are considered Properties.
Retail Channel: Categories of retailers where licensed products are sold. Retail Channels include bookstores, catalogs, department stores, online retail, pharmacies/drug stores, specialty stores, sporting goods stores, supercenter/wholesale clubs, supermarkets and others.
Royalties: A sum of money paid to a university by a licensee for the right to use the Licensed IP.
Royalty Rate: The percentage of Net Sales paid to a university by a licensee for the right to design, manufacture, market, distribute and sell Licensed Consumer Products. Royalty Rates are set by the universities.
SKU or Stock Keeping Unit: A unique identification number for each distinct product sold by a licensee. Licensees will be required to submit designs and report their sales by SKU. This will allow brand owners to track the performance of specific products and designs.