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In this YouTube video tutorial, Andrew Krause discusses the basics of licensing contracts. He explains that a licensing agreement is an agreement with a company that allows them to pay royalties while selling the product. He emphasizes the importance of understanding the difference between a patent and a licensing agreement. Krause also points out that some companies may not care about having a patent and are willing to pay royalties regardless. It is essential for individuals to have a licensing agreement in place when entering into a business deal.
