In a contractual entry method known as licensing, an organization that owns intangible property provides another organization the right to use that property for a predetermined amount of time.
Instances like professional practice licensing, driver's licenses, and intellectual property licensing are examples of situations where permission is granted to carry out an action that would not otherwise be allowed. It is an official authorization or permit to carry out, make use of, or possess anything, as well as the documentation of that authorization or permit. As a component of an agreement between certain parties, a license is given by one party (the licensor) to another party (the licensee). When a government license is required, an application must be submitted in order to get one. It is by a special agreement, typically in writing, in the case of a private party (such as a lease or other contract).
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