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LSDefine
Simple English definitions for legal terms
exclusive license
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A quick definition of exclusive license:
Exclusive license: When someone creates something like a book or a logo, they own the rights to it. But sometimes they want to let someone else use it too. An exclusive license is when the owner of the thing lets only one other person use it for a while. During that time, the owner can't let anyone else use it. The person who gets the exclusive license can make money from it, but only in a certain place or way.
A more thorough explanation:
An exclusive license is an agreement between a licensor and a licensee that allows the licensee to use and profit from the licensor's intellectual property for a specific period of time. The licensor agrees not to share the property with anyone else during this time.
For example, if an author grants an exclusive license to a publisher to publish and distribute their book, the publisher has the sole right to sell and distribute the book during the agreed-upon period. The author cannot grant the same rights to another publisher during this time.
Another example is a company that owns a trademark for a popular brand. They may grant an exclusive license to a specific retailer to sell products with that brand name. This gives the retailer the ability to profit off of the brand while preventing other retailers from using the same name.
Overall, an exclusive license allows the licensee to have exclusive rights to use and profit from the intellectual property, while the licensor retains ownership and control over the property.