This is a contract that permits a for-profit company to use the nonprofit's name or logo on its products in return for a royalty payment to the nonprofit.

Question

Quizplus · Accepted Answer

A licensing agreement is a legally binding contract between two parties in which one party grants permission to the other party to use their intellectual property, such as a name, logo, or trademark, for commercial or non-commercial purposes. In this case, the nonprofit is granting permission for the for-profit company to use its name or logo on its products in exchange for a royalty payment.

This Is a Contract That Permits a For-Profit Company to Use