Help me to understand licensing?

Licensing is the practice of leasing the right to use intellectual property to another party in conjunction with a product, service or promotion.  It is based on a contractual agreement between the owner of intellectual property (licensor) and a party that wants to use that intellectual property (licensee); often a manufacturer or retailer.  This agreement will include permission to use the intellectual property subject to specific terms and conditions.  In return, the licensor will receive some form of financial benefit such as usage fees or royalty payments. 

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