Samsung Nokia patent license deal is extended for another five years but additional compensation amount will be settled in 2015. This secret agreement was previously set to expire by the end of this year.
The Finland tech giant, Nokia has got a five year extension for its secret patent license deal with Samsung. Finnish firm has announced today that Samsung Nokia patent license agreement, which is going to end this year, is now extended for another 5 years.
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However, the additional compensation amount will not be disclosed now. Instead, this payment is expected to be disclosed during 2015. Actually, Samsung has to pay an additional compensation amount to Nokia from January 1, 2014 onwards. But Samsung will use binding arbitration method to conclude that amount. Hence it is expected to be settled in 2015.
Nokia's Chief Intellectual Property Officer, Paul Melin said, "This extension and agreement to arbitrate represent a hallmark of constructive resolution of licensing disputes, and are expected to save significant transaction costs for both parties."
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But Nokia Microsoft Devices & Services business deal will still continue. And Nokia will still search for more investment "by actively managing its patent portfolio and licensing activities.