By licensing your intellectual property (IP) you are giving a person or business permission to use your IP in return for royalties. Your licence is an important document as it often seeks to restrict the basis on which someone can use your IP and it regulates when and how much royalties are to be paid.
Your IP can be an extremely valuable asset and therefore a great deal of thought needs to go into the basis on which you are prepared to allow someone to use it. Common restrictions when licencing IP include restriciting the geographical area where it can used, restricting what products or services it can be attached to and restricting the adaptation of the IP. There are of course certain restrictions that are not permitted such as price fixing.
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