An Intellectual Property license grants the right to use but not own intellectual property. A license can be exclusive, sole or non-exclusive.
These are the most common form of intellectual property licenses. This is because they grant the right to commercialise intellectual property to the exclusion of all others. A major benefit to the owner of intellectual property is that they will received an agreed sum to compensate for any loss of future earnings while also avoiding the risk that the product may not be successful once it reaches the market. Further, the benefit to the licensee is the guarantee that they are the sole recipient of profits after the product reaches the market.
In addition, the owner of intellectual property may place three types of restrictions on an exclusive license.
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