What is the definition of 'Licensor' in the Devon Creek franchise agreement?
Devon_Creek Franchise · 2024 FDDAnswer from 2024 FDD Document
m franchisees without any compensation to Franchisee.
14. INTELLECTUAL PROPERTY
14.1 Ownership.
14.1.1. Franchisee expressly understands and acknowledges that Devon Creek IP, LLC or its successor, ("Licensor") is the record owner of the Marks. Franchisor holds the exclusive right to license the Marks to franchisees of the System for use pursuant to the System. Franchisee further expressly understands and acknowledges that Franchisor and/or Licensor claims copyrights on certain material used in the System, including but not limited to its website, documents, advertisements, promotional materials and the Manual, whether or not Franchisor has filed for copyrights thereto with the U.S. Copyright Office. The Marks and copyrights, along with Franchisor's trade secrets, service marks, trade dress and proprietary systems are hereafter collectively referred to as the "Intellectual Property".
- 14.1.2. As between Franchisor and Franchisee, Licensor and Franchisor are the owner of all right, title and interest in and to the Intellectual Property and the goodwill associated with and symbolized by them.
- 14.2 No Interference.
Source: Item 22 — CONTRACTS (FDD page 45)
What This Means (2024 FDD)
According to Devon Creek's 2024 Franchise Disclosure Document, the Licensor is defined as Devon Creek IP, LLC or its successor. The document specifies that the Licensor is the record owner of the Marks associated with the Devon Creek franchise.
Devon Creek grants its Franchisor the exclusive right to license the Marks to franchisees within the Devon Creek system. The Marks and copyrights, along with trade secrets, service marks, trade dress, and proprietary systems, are collectively referred to as the Intellectual Property.
As between Devon Creek and its franchisees, the Licensor and Franchisor retain ownership of all rights, titles, and interests in the Intellectual Property and the goodwill associated with them. Franchisees are prohibited from taking any actions that could undermine the validity of the Franchisor's or Licensor's rights concerning the Intellectual Property.