What is a licensing agreement?

A licensing agreement is a type of contract in which one party (the licensor) grants another party (the licensee) certain rights to a work of art, such as a painting, sculpture, or photograph. Under the terms of the agreement, the licensee pays the licensor a fee in exchange for the right to use that artwork for a specific purpose. In South Dakota, the rights granted under a licensing agreement depend on the parties involved and the conditions of the agreement. Most frequently, licensors grant exclusive rights to a licensee to reproduce, distribute, and publicly display the artwork. The licensee also often pays a royalty to the licensor, which is a recurring fee based on the sales of the artwork or other uses of it. Licensing agreements can often last for significant amount of time, such as several years, and the rights of the licensor and licensee are generally outlined in the contract. In short, a licensing agreement is a contract that allows one party to use another party’s artwork in exchange for a fee and certain rights.

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