A license agreement is a type of deal between two parties where the licensor grants a license or permission to operate or do a particular task to a licensee for a particular period and after the licensee has passed certain tests or criteria. It also refers to any contract by which the licensor allows the licensee to use, create, resell a property, trademark, patent or intellectual property owned by the licensor for a limited term and in return for a price.
A license may be exclusive or non-exclusive, that is, more than one party may have right to the licensor’s property or trademark. The agreement must lay down the rules and regulations to be followed by the licensee and the scope of the agreement. He may have to pay royalty to the licensor for using the licensed property and so on. These agreements are usually made by franchisers in order to promote their products and services for better sales.
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Sample License Agreement
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