ABSTRACT
There are two main types of intellectual property (IP) transactions. They are assignment, where all rights in the assets are transferred; and licensing, where full ownership is not transferred but permission is given by the owner to a third party to do specified things in respect of their IP assets. An IP assignment must be in writing and can be for existing or future IP. A license should clearly describe the scope or subject matter of the license, whether it is sole, exclusive or non-exclusive and how long it is to last. The person who grants the license is called the licensor while the party being given permission to use the IP is called the licensee. Cross-licensing is where licensor and licensee have access to each other's IP and this form of licensing can create useful collaborations within/between industries. Thus licensing trade marks can be of great significance if entering into franchise agreements, joint marketing, co-branding, sponsorships or endorsements.
