At its simplest, an IP licence agreement is a contract under which an owner of intellectual property (the licensor) permits another person (the licensee) to engage in activities that, in the absence of the licence agreement, would infringe the licensor's legal rights attaching to the intellectual property.
There is no ''official definition of intellectual property (IP), and for this reason it is often defined specifically in licence agreements. There are many different types of IP.
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