Friendly IP Lawyers out there

[sam de silva]

Hi there

I need a bit of legal advice.

We have created some software code (version 1) that  is relatively simple but functional, and is effectively a MVP. There's nothing unique about it, and any development team - given the time and budget - will be able to develop it.

Another company has requested the code to do a demo for a client and then the ability to expand the code - create new features and fully own the version 2 of the code.

We are happy to enable them to do that (create a derivative) for a fixed fee.

However, we also want to continue to use Version 1 and build on that and create products. 

Are there any complications that can arise from this? Are there past examples of this kind of arrangement being done?

If there's anyone who can give feedback or advice on the above, I'd really appreciate if you can directly email me back.

Thanks so much, best, Sam.