The Benefits of Getting a License Agreement for Your Business The Benefits of Getting a License Agreement | Page 2

A license agreement is the legal authority granted to a business to use the practices or processes of another business with their full consent. Basically, if you are the holder of the agreement, you are giving someone the permission to do what they wish within the terms of what you have negotiated. You may also be allowing them to use confidential information or techniques, which could result in prosperity and recognition for your business but could be a potential threat to your progress. Let’ s break down the pros and cons of getting a license agreement.