licensing agreement

  

Definition

Written contract under which the owner of a copyright, know how, patent, servicemark, trademark, or other intellectual property, allows a licensee to use, make, or sell copies of the original. Such agreements usually limit the scope or field of the licensee, and specify whether the license is exclusive or non-exclusive, and whether the licensee will pay royalties or some other consideration in exchange. While licensing agreements are mainly used in commercialization of a technology, they are also used by franchisers to promote sales of goods and services.

Use licensing agreement in a sentence

  • In order to use the licensed trademark in her design work, the artist entered into a licensing agreement with the owners of the trademark, thereby entitling her to use the trademark as a visual enhancement of her work, but with no editorial, or advertising inferred, or directly stated by her usage of it.

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  • You should only enter into a licensing agreement with companies that you trust to not take advantage of what they find out.

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  • The licensing agreement between the two companies was in order and would make everyone happy in the very near future.

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