License agreements play an important

License agreements play an important role in industry and
commerce. They grant third parties a right of use and enjoyment
of intellectual property rights (patents, registered designs, regis-
tered trademarks, and copyrights).
If granted such a license the licensee can use such right without
having to be the owner.

The licensor may decide at his discretion whether to grant an
exclusive license to one licensee, or simultaneously to multiple
licensees within the same territory.