If you own a patent on a piece of useful technology, have a copyright in a popular photo, have protected a special image through trademark law, or own another invention or creative work that allows you to make money, you need a licensing agreement. This agreement allows you to set the terms of everything related to that specific IP and to protect your proprietary rights, including how the licensee may use the IP, who owns the IP, who may sublicense the IP, the price of the license for the IP, and the length of time the licensee may use the IP. The following example license agreement describes an agreement between licensor “Valerie J Toups” and licensee “Matthew K Jordan”. Valerie J Toups agrees to allow Matthew K Jordan to use the Licensed IP on the specified terms. 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.