What is license explain with example

noun Also especially British, li·cence . formal permission from a governmental or other constituted authority to do something, as to carry on some business or profession. a certificate, tag, plate, etc., giving proof of such permission; official permit: a driver's license. permission to do or not to do something.

What is license explain?

A license (or licence) is an official permission or permit to do, use, or own something (as well as the document of that permission or permit).

What is an example of licensed product?

Accessories such as hats, ties, and the like are regularly made by licensees, as are home products, footwear, fragrance, eyewear, and many others. Other major players in the product licensing world are media and gaming properties, professional and collegiate sports teams, and food and beverage companies.

What is licensing and its types?

A licensing agreement is a legal contract by which one party that owns certain IP allows another party to use that IP. The party who owns the IP (the licensor) receives payment (a royalty) when the other party (the licensee) uses the IP. Licensing agreements can be broken down by the types of IP they license.