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|Title:||Intellectual Property Licensing: Discovering its Facets|
|Keywords:||Revenue generation ability|
intellectual property licence agreements
types of licences
|Abstract:||The intangibility of intellectual property ensures returns to its owner, even after it has been offered to one party. It is said that the economic potential of a work determines the extent to which a work may be exploited. Accordingly, licensing is being looked as one of the most ‘rewarding’ aspects of intellectual property creation. Today, be it music, machines or software, most creators consider licensing as the next step for their creation. An intellectual property (IP) licence must reflect the quintessential element of all licensing agreements, that is, ‘a meeting of the minds’. It is noteworthy how the IP licensing process has evolved into a well-recognized source of national income. However, in the absence of an IP protection regime, international licences would be futile as individuals or companies would not be willing to pay for something that they can obtain without running the risk of accounting for their use to the IP owner(s). Countries have devised their own mechanisms to deal with IP theft of their corporations in other countries. International laws are also playing an instrumental role in combating the problem. Knowing one’s partner is vital for both the parties involved in licensing. This paper deals with the basic concepts of IP licensing and its importance. It also underlines the revenue generating power of IP with the global rise. For a practical understanding of the subject, the paper elucidates points for parties to bear in mind while drafting licensing agreements and the predominant types of IP licences in the market today.|
|Appears in Collections:||JIPR Vol.10(3) [May 2005]|
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