Licensing an intellectual property right through a licensing agreement means that you give permission for another party to use your IP on agreed terms and conditions. License royalties will then be paid by the person licensed to commercialise that IP.
You might choose between three types of licenses: an exclusive license, a sole license or a non-exclusive licence.
You should put license conditions in place to cover accounts, inspections and audits, sub-licensing, assignment or transfer, pre-market entry performance targets and confidential information.
Visit IP Australia’s website for more information [On screen - Visit: ipaustralia.gov.au].
Watch this video on YouTube.