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LSDefine
Simple English definitions for legal terms
licensor
Read a random definition: herislit
A quick definition of licensor:
A licensor is someone who gives permission to someone else to use something they own, like a patent or trademark. For example, if someone invents something and gets a patent for it, they can let someone else use it for a little while by giving them a license. The person who owns the patent is the licensor. They still own the patent, but they let someone else use it for a little while in exchange for money or something else they want. This way, the licensor can make money without having to make or sell anything themselves.
A more thorough explanation:
Definition: A licensor is a party that grants a license to another party. In order to grant a valid license, the licensor must have the legal power to convey the limited rights provided by the license. For example, a public entity must have the authority to grant marriage licenses for the licenses granted by the entity to be valid, and a company must possess complete ownership of a patent to license use of that patent to another entity. The term “licensor” is most commonly used when referring to intellectual property licensing.
Examples: Intellectual property owners, such as those who own patents or trademarks, can license the use of their property to others. For example, a company that owns a patent for a new technology can license the use of that technology to another company. The company that owns the patent is the licensor, and the company that is granted the license is the licensee. By licensing their intellectual property, licensors can profit without having to manufacture or sell products themselves.
Another example of a licensor is a public entity that grants marriage licenses. The public entity is the licensor, and the couple that is granted the marriage license is the licensee. The public entity has the legal power to grant marriage licenses, and the license grants the couple certain rights and privileges.
These examples illustrate the definition of a licensor because in both cases, a party is granting a license to another party. The licensor must have the legal power to grant the license, and the license grants the licensee certain rights and privileges.