PRODUCT LICENSE Meaning and
Definition
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A product license refers to a legal agreement or document that grants the right to a person or entity to use, distribute, sell, or otherwise exploit a particular product. It is a formal authorization that allows one party, typically the licensee, to use or commercialize a product that is owned by another party, known as the licensor.
The product in question could be any tangible or intangible item, including software, patents, inventions, trademarks, copyrighted material, brands, or any other intellectual property. A product license outlines the terms and conditions under which the licensee can use or commercialize the product and typically includes details such as the scope of the license, geographical territories, duration, royalties or fees, restrictions, and any other specific provisions as agreed upon between the licensor and the licensee.
Product licenses can be either exclusive or non-exclusive. An exclusive product license means that the licensor grants rights to only one licensee, barring others from using or exploiting the product. In contrast, a non-exclusive product license allows multiple licensees to use or sell the product simultaneously.
The concept of a product license is crucial in protecting intellectual property rights and ensuring that creators, inventors, or owners of various products maintain control over their creations while still allowing others to leverage and benefit from them through a formal permission structure.
Common Misspellings for PRODUCT LICENSE
- oroduct license
- lroduct license
- 0roduct license
- peoduct license
- pdoduct license
- pfoduct license
- ptoduct license
- p5oduct license
- p4oduct license
- priduct license
- prkduct license
- prlduct license
- prpduct license
- pr0duct license
- pr9duct license
- prosuct license
- proxuct license
- procuct license
- profuct license
- proruct license
Etymology of PRODUCT LICENSE
The word "product license" originates from the combination of two different terms: "product" and "license".
- "Product" comes from the Latin word "producere", which means "to bring forth, create". Over time, it evolved into the English term "product", referring to something that is made, developed, or manufactured.
- "License" stems from the Latin word "licentia", meaning "freedom, leave, or permission". In the context of a product, a license grants legal permission, rights, or authorization to use, distribute, or modify the product in accordance with specific terms and conditions.
When these two terms are combined, "product license" refers to the legal document or agreement that authorizes the use or distribution of a particular product, specifying the terms and conditions under which it can be utilized.
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