Terminology:
Licensing
The process of legally authorizing a third party the use of one's Intellectual Property.
Intellectual Property
The name, likeness, logo, graphic, design, slogan, signature, character, or a combination of several of these elements in conjunction with a product, trademark or idea.
Licensor
Owner of the intellectual Property
Licensee
The firm and/or person that contracts with Licensor to use the Intellectual Property.
Term
The period of time the License Agreement shall be in effect.
License Agreement
The contract between Licensor and Licensee granting legal permission to use the Intellectual Property.
Royalty
The fee the Licensor assesses Licensee for the right to use the Intellectual Property.
Territory
The authorized countries covered by the License Agreement.