Definition of License
In general, a license has a definition as a license to produce certain products or services that have previously been patented by the creator. Another definition of a license is the granting of a license to take advantage of intellectual property rights (IPR) which can be granted by the licensor to the licensee. The objective is that the licensee can conduct business or business using the licensed IPR.
The benefit of licensing for licensees is that they can use the licensor’s brand safely and legally. Enables licensees to run their business smoothly. Especially if the brand used is very well known and has a good reputation in the eyes of consumers, it will get many advantages in running its business. Meanwhile, the profits obtained for the license owner will often receive royalties, the amount of which has been agreed by both parties, namely between the … Read MoreRead more