licensing

Vocabulary Word

Definition

'Licensing' is the process where a company or person (the licensor) gives legal permission to another (the licensee) to use its property. This could be artwork, a trademark, a patent, or software.

Examples in Different Contexts

In business development, 'licensing' refers to the process where a company gives another company permission to use its product, service, or brand. A business developer might say, 'Licensing our technology to other firms will open new revenue streams without significant investment.'

Practice Scenarios

Tech

Scenario:

We’ve received approval to upgrade our office computers. As part of this process, we need to ensure all the necessary software is correctly installed and authorized.

Response:

Agreed, we should start by renewing our software licensing agreements to ensure legal compliance.

Creative

Scenario:

I think this track would perfectly suit our film's climax scene. However, we need to ensure proper permissions are in place before we proceed.

Response:

Yes, that track is amazing. I'll connect with our legal department to start the music licensing process.