Explain practical aspects of Licensing.

Explain practical aspects of Licensing.

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Explain practical aspects of Licensing.

SOLUTION:

About Practical Aspects Of Licensing:

• Practical aspects of licensing permission from one person to another to undertake some activity a license agreement is formal and is in a written format which legally abides all the rules and regulations of the national law in this country.
• A license agreement includes two parties the licensor and the licensee.
• The licensor is the one who owns the intellectual property and agrees this property and agrees this property to be use by another person.
• The licensee is the one who receives the right to use the intellectual property for exchange of payment.
• Hence, a license in as an agreement which is in partnership between IP owner (licensor) and the authorized user (licensee) under certain conditions for which monetary compensations paid.
• Thus, a license grants the licensee the rights to use property but without transferring the ownership of the property.

Intellectual Property Effective Conditions (Determination Factor):

• Intellectual Property License can be effective if 3 conditions are met as follows listed:
• The licenser or must be the owner of the property.
• The IP must be protected by the law or at least by eligible protection.
• The license must specify the rights of the licensee and the payment required that need to be paid for the IP assets which are given in exchange as per the license agreement which is clearly stated.