There are many standard licensing methods for licensing a product. While there is no need to re-foundation a new agreement, licensors should address all of the company`s specific issues. It is also important to retain ultimate property rights, according to Lawyers.com. In addition, a license agreement should be specific enough to protect the company`s ownership, but broad enough for customers to agree to the terms. A licensing agreement is a contract between two parties (licensor and licensee) in which the licensor gives the licensee the right to use the licensor`s trademark, trademark, patented technology or ability to produce and sell goods. In other words, a license agreement allows the licensee to use the licensor`s intellectual property. For example, the licensor may include in the contract conditions obliging the licensee to provide product prototypes, packaging models and even occasional samples for the duration of the contract. . . .