Glossary of Licensing Terms
Licensing: the process of leasing a legally protected property
in conjunction with a product or a product line
Property: a trademarked or copyrighted entity, which
could be a name, likeness, logo, graphic, saying, signature, character or a combination
of several of these
elements
Licensor: the owner or agent of the property
Licensee: the renter of the rights, usually a manufacturer
Contract: a binding agreement between two or more persons
that is enforceable
by law
Execute: to perform or carry out a contract
Royalty: the basic component of payment, a percentage
of the licensee's sales of products
The Guarantee: a required
minimum royalty, which the licensee has to pay regardless of sales performance.
Advance: a percentage of the guarantee that is paid
upon execution of agreement
Image Assets: any trademarked assets, images, artwork
or legal lines used on
or for the licensee's product
Trademarked Assets: image assets such as signatures, logos, numbers, and sponsors that are legally protected by the licensor
Amend: a change or addition to a contract which will have the same legal power as the original contract
Renew: the continuation of a contract that has expired
or almost expired, dependent
upon full payment of the guarantee
Now that you are familiar with the terms, continue on to see why you should utilize Marilyn Monroe on your new product or in your next campaign.
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Find out how you can utilize the Marilyn Monroe brand. |
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