A license is a right to use intellectual property such as a patent, trademark or copyright. A person or entity (“licensor”) can transfer a license to another person or entity (“licensee”) usually as contractual consideration. The contract terms normally call for a royalty payment from the grantor/ licensor to the grantee/licensee in exchange for the right to use the intellectual property.

An exclusive license is a legally enforceable contract through which an individual or entity grants a license to the only person or entity allowed to enforce patent rights. The licensor transfers the license rights to the licensee, and the licensee “owns” the license rights granted for the term of the license contract.

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