Definition
The term license originates from Latin and means something like “it is permitted”. In a commercial sense, a licensor grants through a license a right of use for e.g. a patent or trademark right, an invention, or also a utility model (= protected rights). This is generally done in exchange for a fee that the licensee must pay the licensor as consideration for the right of use. By paying the license fees, the licensee has now received permission in the form of a license agreement to use the acquired protected right in accordance with the agreement.