On November 4, Nokia announced that Samsung has extended a patent licence agreement between the companies for five years.
The agreement would have expired at the end of 2013.
Under terms of the agreement, Samsung will pay additional compensation to Nokia from January 2014. The amount of compensation will be settled in a binding arbitration expected to conclude in 2015.
“This extension and agreement to arbitrate represent[s] a hallmark of constructive resolution of licensing disputes, and are expected to save significant transaction costs for both parties,” said Paul Melin, chief IP officer at Nokia.
Nokia did not disclose further details about the agreement terms.
A spokesperson for Samsung told WIPR: “We have in essence agreed to extend our cross license agreement with Nokia, and will enter into arbitration to determine the royalty amount.”
Nokia is in the process of selling most of its Devices and Services business to Microsoft, which includes smart devices and mobile phones, but has said it will keep its patent portfolio.
(Source: WIPR)
