A licensing agreement is generally a contract between an intellectual property owner (licensor) and another (licensee) desiring to use the rights owned by the intellectual property owner in exchange for a payment, or other form of consideration. An intellectual property license is just one potential avenue for an intellectual property owner to profit from their intellectual property rights.
Many different forms of intellectual property can be licensed, including patents, trademarks, copyrights, and technology licensing agreements. Additionally, different forms of intellectual property can be licensed within the same agreement.
Due to the complex business and commercial considerations that typically accompany the licensing of intellectual property, the respective binding licensing agreements are rarely simplistic contracts. In fact, most licensing agreements include a plethora of terms, factors, and limitations that must be carefully considered when drafting or entering into an agreement.