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By entering a licensing agreement, you can protect yourself when giving someone else a license to use something that you own. The thing that you license may be something tangible, like a product, or it might be intellectual property, such as a character or brand that you've created. Within the license agreement, you can agree to rules and regulations that both parties must strictly adhere to prior to the use of the property.
The rules and regulations within the licensing agreement can specify many aspects including the length of the contract, specified users, applicable warranties and the process of how to conclude the agreement. The licensing agreement can also cover how licensing fees or royalties are to be paid and when they are due. For more information on Licensing Agreements and to obtain legal forms, visit RocketLawyer.com.