Research In Motion (RIM) and Motorola today announced that they’re burying the hatchet on some long-standing legal disputes. The companies have created a Settlement and License Agreement that will end “all outstanding worldwide litigation between the two companies.”

According to a press release, Motorola and RIM will benefit from a long-term, intellectual property cross-licensing arrangement that includes patent rights relating to certain industry standards and certain technologies, such as 2G, 3G, 4G, 802.11 and wireless e-mail.

Additionally, both parties will transfer certain patents to each other. The financial terms of the agreement include an up-front payment and ongoing royalties to Motorola. Further terms and conditions of the agreement are confidential.