An intellectual property or IP licensing agreement is between an IP rights owner (licensor) and person or company that is authorized to use the rights (licensee) in exchange for a fee or a royalty. The two parties negotiate and agree on the terms and conditions. IP license covers patents, copyrights and trademarks. It also extends to trade secrets and unfair competition.
A licensing agreement is an agreement between an intellectual property rights owner (licensor) and an individual or business entity (licensee) who is granted permission to utilize the rights for a fee or royalty. The licensor and licensee engage in negotiations to establish mutually acceptable terms and conditions. The scope of an intellectual property license encompasses patents, copyrights, trademarks, as well as trade secrets and protection against unfair competition.
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