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In this YouTube video tutorial, Andrew Krause from InBentRight.com discusses the basics of licensing contracts. He explains that a patent protects an invention, while a licensing agreement is the deal you make with a company for them to pay you royalties while they sell your product. He emphasizes the importance of having a licensing agreement and shares that some companies may not be interested in patents but are willing to pay royalties. Overall, the video covers the key points of what a licensing contract is, why it is necessary, and common misconceptions about patents in licensing agreements.
