LICENSE AGREEMENT Meaning and
Definition
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A license agreement refers to a legally binding contract between two parties, commonly known as the licensor and the licensee. In this agreement, the licensor grants the licensee the right to use a specific intellectual property (such as patents, trademarks, copyrights, software, or trade secrets) under mutually agreed terms and conditions.
The license agreement outlines the scope and limitations of the license, specifying the rights granted to the licensee. It defines the purpose and intended use of the intellectual property, including any restrictions on reproduction, modification, distribution, or sublicensing. Additionally, it may include provisions related to territory, duration, and fees associated with the license.
The agreement generally addresses ownership and protection of the intellectual property, as well as the licensor's liability and indemnification. It may also cover provisions for termination, renewal, or modification of the license arrangement, along with rules for dispute resolution or jurisdiction in case of conflicts.
License agreements are commonly used in various industries, including technology, entertainment, pharmaceuticals, and manufacturing. They serve as a legal framework to safeguard the rights and interests of both parties involved and ensure compliance with intellectual property laws. These agreements play a vital role in facilitating the commercialization and monetization of intellectual property, enabling licensors to profit from their creations while allowing licensees to benefit from the use of valuable assets.
Common Misspellings for LICENSE AGREEMENT
- kicense agreement
- picense agreement
- oicense agreement
- lucense agreement
- ljcense agreement
- lkcense agreement
- locense agreement
- l9cense agreement
- l8cense agreement
- lixense agreement
- livense agreement
- lifense agreement
- lidense agreement
- licwnse agreement
- licsnse agreement
- licdnse agreement
- licrnse agreement
- lic4nse agreement
- lic3nse agreement
- licebse agreement
Etymology of LICENSE AGREEMENT
The word "license" originates from the Latin word "licentia", which means "freedom" or "permission". It was introduced into English in the 14th century and referred to the granting of formal permission or authority to do something. The word "agreement" comes from the Old French word "agreement" or "agrement", ultimately derived from the Latin word "agreementum", which means "coming together" or "harmony". Combining these two words, "license agreement" refers to a legally binding contract that grants the permission or authority to use a particular product, service, or intellectual property under certain terms and conditions.
