A licensor may grant license under ‘intellectual property’ to do something (such as copy software or use a patented invention) without fear of a claim of intellectual property infringement brought by the licensor.
A license under intellectual property commonly has several component parts, including a term, territory, renewal, as well as other limitations deemed vital to the licensor.
Term: many licenses are valid for a particular length of time. This protects the licensor should the value of the license increase, or market conditions change.
Territory: a license may stipulate what territory the rights pertain to. For example, a license with a territory limited to ‘North America’ (United States/Canada) would not permit a licensee any protection from actions for use in Japan.>>> READ MORE at: