License Agreement

The contract under which the owner of an intellectual property right (‘licensor’) gives permission to another individual or entity (‘licensee’) to use the rights for a period of time and within defined territory, without such permission, for instance, would infringe on patent or trademark right.  Therefore the license can allow the licensee to legitimately use, sell, offer to sell, and import the invention protected by intellectual property right. In return, in the majority of the cases, the licensor receives royalty payments. Signing a license agreement does not transfer the ownership of the invention to the licensee.

Corresponding term unknown