Intellectual property rights cover exclusive rights originating
from the mental labour of their creators or inventors, and include
copyright, trademarks, industrial designs, patents, geographical
indications, and plant variety rights.
IP rights may be the subject of a licence, where the proprietor
of an IP right (the licensor), while maintaining the ownership,
authorises a third person (the licensee) to use and exploit the IP
right during trade, under the terms and conditions set out by both
parties.
Licensing offers the owner the valuable opportunity to expand
their business into new markets, add revenue streams through
royalties, develop partnerships, become recognised, and continue to
decide what to do with their right—after all the licensor
retains ownership.
