License Agreement

A License Agreement is a legal contract that grants permission from the owner of intellectual property (the licensor) to another party (the licensee) to use, make, sell, or distribute the property under certain terms and conditions. License agreements can cover various types of intellectual property, such as trademarks, patents, copyrights, or trade secrets. They typically specify the scope and duration of the license, the territory and exclusivity, the royalties or fees to be paid, and the quality control and enforcement obligations. License agreements allow intellectual property owners to monetize and control the use of their assets while allowing others to benefit from them. They are commonly used in industries such as software, entertainment, and consumer products.