Under a licensing arrangement, a firm grants rights to some process or other intangible property to another company for a specified period of time in exchange for a fee.

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Licensing is a business arrangement where a firm (the licensor) allows another firm (the licensee) to use its intellectual property, such as a patent, trademark, or process, for a specified period in exchange for a fee or royalty.

Under a Licensing Arrangement, a Firm Grants Rights to Some