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A franchise is the agreement or license between two legally independent parties which gives: â¢ a person or group of people (franchisee) the right to market a product or service using the trademark or trade name of another business (franchisor) â¢ the franchisee the right to market a product or service using the operating methods of the franchisor â¢ the franchisee the obligation to pay the franchisor fees for these rights â¢ the franchisor the obligation to provide rights and support to ...
Definition of LICENSING AGREEMENT: Written contract between the owner/licensor of a patent, copyright, trademark, know-how, service mark, or other intellectual property, and a licensee to use, make, or sell copies of the original. Franchisers promote sales of goods and services through licensing agreements. Commercialization of a technology is a major purpose for licensing agreements. These contracts typically (1) limit the licensee's scope or field, (2) make the license exclusive or nonexclusive, (3) demands royalties or other compensation if further licensing occurs by the licensee.