license

Vocabulary Word

Definition

'License' can mean official or legal permission to do or own something, like a driver's license or a business license. It can also mean giving someone else permission, known as 'licensing out'.

Examples in Different Contexts

Businesses might require a license to operate in certain industries, which is a way for government bodies to ensure that the business complies with local laws and regulations.

Practice Scenarios

Tech

Scenario:

The new coding library we're interested in is under a proprietary license. We need to consider the implications of this in terms of code modifications and distribution.

Response:

Given the proprietary license constraints, we might need to either negotiate terms with the provider or search for an open-source alternative.

Product

Scenario:

We're planning to integrate a popular movie theme into our next product line. However, acquiring the necessary license from the production company might be a challenge.

Response:

Acquiring the movie theme license could give us a significant edge in the market. Let's explore the negotiation possibilities with the production company.