Third Party Licenses and Settlements Sample Clauses

The 'Third Party Licenses and Settlements' clause outlines the responsibilities and procedures related to obtaining and managing licenses from third parties, as well as handling settlements involving third-party intellectual property claims. Typically, this clause specifies which party is responsible for securing necessary permissions or licenses for third-party materials used in the contract, and how any settlements or legal actions regarding third-party rights will be managed. Its core function is to allocate risk and clarify obligations regarding third-party intellectual property, thereby reducing the likelihood of disputes and ensuring compliance with external rights holders.