A license may be granted by a party (“licensor”) to another party (“licensee”) as an element of an agreement.
The definition of a license is basically “an authorization to use the licensed material/intellectual property”.
Typical licensing agreements that we may encounter nowadays are software, brand names/trade marks, technology/patent, artwork/character/copyrights licensing.
Licensing for restaurants together with trademarks/brand names are the best examples of licensing arrangements.
Another example is licensing the patent or technology of products for commercial benefits.
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