A license contract is an authoritative contract which can be described as a lawful agreement prepared & used by individual or company when it require a license from government or private sector agencies, brands and organizations. Yes! In the cosmos of business companies signed a contract where they agree to provide a legal license for projects, tenders, brand name, products& other works. No doubt most of companies those want to use a trademark, or willing to do some creative work they settle a deal with other organization & company to do work on the behalf of them against payments or something else. Suppose an institution deal with government agency to assign a license by using they can make a scientific research on rare plants as well as species of animals. Suchlike license contract also familiar when it use for the sake of invention of medicine in the field of bio-chemist, although company apply for a license when their application get approved than they prepare &sign a contract which give them a legal prove for their work. However license contract is always find in written form, seemingly it grants the legal right to individual to do work.
Before go further let’s have a look on one more example, as we know elephants & white lions are species those rarely finds in jungle, so whenever the researcher what to do some research work they signed a license contract with jungle authority which bound them with the term & condition specifically allocated for lands where rare animals can see openly. So after getting a license contract lone person or team can start their research work without any conflict &problems. They can visit every part of jungle to collect the samples, they can use things/medicine & vaccines agreeing by the authority of jungle under the law. In simple word license contract serve as a tool which provide a permission to do whatever you want to do but under the terms of license contract. No two ways about while using aforesaid contract a licencor maybe an individual person or company can has the rights to sue any person who is using his product without the license.
As things go in electronic & multimedia industry license also has great value, no matter you having a license to release a movie or you also deal with brand to launch their products and services within your territory. Over and above every license contract may have diverse approach, obviously as per the nature of work & requirement of individual who willing to have. Well a “licencor”(person who will grant a license) may grant permission to the “licensee” (person who will receive a license) to sell or distribute something, such as; thesis, research work, photographs, art works, music, multimedia content, written material, project etc.
Other than that once a person or company get licensing they can launch products under the brand name, nevertheless it’s a great advantage to a producer or manufacturer to get more popularity as well as double the profit margin. Beyond apprehensions company who’ll give license to other company will get the amount of royalty on the sale of each & every product. Furthermore, it’s significantly useful for both parties because parent company will get considerable amount of money as royalty which for sure will stream of cash inflows without having to spend a single cent, at the same time company who got license will sell products on the brand name of company which popular enough to capture the eyes of people. Unless the facts it somehow a marketing or advertisement tactic.
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