The word “license” comes originally from Latin and means permitted, or the one who gives permission. The word is used to describe that a licence owner (or licensee) has permission to do something that is normally prohibited.

Through a licence agreement, you can give selected persons or companies the right to use your invention, in full or in part. A licence agreement can regulate many things, such as geographical area and compensation. There are business lawyers who are specialized in intellectual property agreements.

More information

Registration of a licence in the patent register
Fees