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In this lesson, Rainey from Finance Strategist explains licensing agreements, which are contracts allowing temporary use of property in exchange for a licensing fee. These agreements transfer ownership rights from the licensor (owner) to the licensee (user). They are commonly applied to intellectual property like patents, trademarks, copyrights, movies, music, and artwork. Examples include a movie studio licensing character copyrights to a toy manufacturer for action figures or a pharmaceutical company licensing a drug patent to a third-party manufacturer in a cost-effective location. Additionally, in real estate, revocable licensing agreements are sometimes used instead of leases, granting limited rights to the renter, as the licensor can terminate the agreement.
