A License Agreement grants the right of usage, distribution, or exploitation of intellectual property assets from the licensor to the licensee. This includes the right to utilize patented inventions, copyrighted works, trademarks, trade secrets, or other proprietary information the licensor owns. The licensee gains legal permission to use the licensed intellectual property within defined parameters, such as geographical regions, specific industries, or for particular purposes. By granting these rights, the licensor authorizes the licensee to leverage the intellectual property for commercial activities, product development, marketing campaigns, or other business endeavors. This contractual arrangement delineates the terms, conditions, and limitations under which the licensee may exercise these rights, ensuring clarity, accountability, and legal compliance for both parties involved.

License Agreements form a balance between protecting the licensor’s intellectual property assets and enabling the licensee to utilize those assets for mutually beneficial purposes. The terms of the agreement should be negotiated and documented to ensure clarity and enforce-ability of the granted rights.