Question: What is a Licence Agreement in relation to Intellectual Property?Answer:
A Licence Agreement is used when you wish to grant someone the right to use your intellectual property, or when you wish to use someone else’s. Intellectual property can include trademarks, patents, copyrights or software (where you would use a specific software licence agreement).
Licences essentially protect your proprietary rights and the agreement will set out terms and conditions for the use of the property in question. The licensee will usually pay a fee in order to use the licensor’s intellectual property. A Licence Agreement ensures that your brand, designs or inventions are protected, as well as allowing you to make a profit from third parties that use your intellectual property.