Licensing Agreements: It is the written contract under which the owner of a copyright, recognize how, patent, service mark, trademark, or another intellectual property, permits a licensee to employ, make, or sell copies of the original. These agreements generally limit the scope or field of the licensee, and state whether the license is exclusive or non-exclusive, and whether licensee will pay royalties or some other in exchange. While licensing agreements are mostly employed in commercialization of a technology, they are too employed by franchisers to encourage sales of services and goods.