By using a license agreement, the owner of the intellectual property can make money while controlling how their property is used and disseminated around the world. In addition, licensed persons may use the intellectual property of others to develop their own business or earn a living, while protecting themselves against intellectual property rights by defining the conditions of use of the property. The parties should describe the licensed work in as much detail as possible, including information on the quality of the factory delivered by the licensor to the licensee for use by the licensee. For example, the agreement may provide that licensed digital images are made available to the licensee in a given format, size or dpi. The parties may then indicate whether the licence is exclusive (the licensor does not grant a licence to use the property to other third parties in the same way) or non-exclusive (the licensor may grant similar licences to other third parties), the geographical area in which the licensee may use the property and whether the licensee may change the ownership, to create what is called a derivative work. Finally, and most importantly, the parties may agree on how the licensee compensates the licensor in exchange for permission to use the property by paying royalties. Royalties may be calculated in a number of ways, including a one-time lump sum royalty, a specified dollar amount paid for each unit of an item containing the licensed factory sold by the licensee, or a percentage of the total net turnover of the items manufactured with the licensed mill sold by the licensee. The parties may also indicate when licence payments are made and the type of documents that the licensee must submit to the licensor when explaining how the royalty amounts were calculated. A license agreement is a document used by the owner of a form of intellectual property, such as a logo, photo, or song, to authorize another person to use that property. The agreement describes how the licensor (the owner party) grants the licensee (the party that operates the licensor`s property) the license to operate its assets. This type of agreement is used in situations where the author of the intellectual property agrees that someone else will use their property, but ultimately wishes to retain their ownership rights and be compensated in exchange for granting the license. This is different from a downgrading of intellectual property, in which the owner of the property gives all his rights to the work and does not benefit from continuous compensation, known as licensing, in exchange for granting the authorization. Other document names: Art License Agreement, Artist License Agreement, Artwork License Agreement, Copyright License Agreement, Exclusive License Agreement This document can be used if a person wishes to use the intellectual property they do not own.

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