The verb or grant license means to give permission
License may be granted by a party (Licensor) to another party (Licensee) as an element of an agreement between those parties.
Intellectual Property
A licensor may grant license under intellectual property laws to authorize a use (such as copying software or using a patent invention to a licensee sparing the license from a claim of infringement brought by the licensor
A license under intellectual property commonly has several component parts beyond the grant itself, including a term, territory, renewal provisions and other limitations deemed vital to the licensor
Term: Many licenses are valid for a particular length of time
Territory: A license may stipulate what territory the rights pertain to
Eg: A license with a territory limited to “North America” (United States/Canada) would not permit a licensee any protection from actions for use in Japan.
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