What Is a Licensing Agreement? The term licensing agreement refers to a legal, written contract between two parties wherein the property owner gives permission to another party to use their brand, patent, or trademark. The agreement, which is set between the licensor (the property owner) and the licensee (the permitted party), contains details on the
What Is a Licensing Fee? A licensing fee is a sum of money paid to another entity for a certain right. For example, individuals or companies may pay licensing fees to a government agency for the right to perform professional services or engage in a particular line of business. In other instances, individuals or businesses
What Is Licensing Revenue? Licensing revenue is income earned by a company for allowing its copyrighted or patented material to be used by another company. Some examples of things that may be licensed include songs, sports team logos, and technology. Any time a company’s licensed intellectual property is utilized by another entity, that other entity
What Is a Lien? A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A creditor or a legal judgment could establish a lien. A lien serves to guarantee an underlying obligation, such as the repayment of a loan. If the underlying obligation is not
What Is a Lien Sale? A lien sale is the sale of the claim—or a hold—placed on an asset to satisfy an unpaid debt. Typically, lien sales are conducted as public auctions, and the lien is on real estate, automobiles, and other personal property. Depending on a particular state’s laws, contractors, subcontractors, and suppliers may
What Is a Lien Waiver? A lien waiver is a written agreement between a payer and a counterparty where said counterparty gives up their right to place a lien on the payer’s property or goods. Key Takeaways A lien waiver is a written agreement between a payer and a counterparty where said counterparty gives up
What Is a Life Settlement? A life settlement refers to the sale of an existing insurance policy to a third party for a one-time cash payment. Payment is more than the surrender value but less than the actual death benefit. After the sale, the purchaser becomes the policy’s beneficiary and assumes payment of its premiums.
What Is a Life Annuity? The term life annuity refers to a financial product that features a predetermined periodic payout amount until the death of the annuity owner—called the annuitant. An annuitant typically pays into the annuity periodically when they are still working. Annuitants may also buy the annuity product in one large, lump-sum purchase—usually
What Is a Life Cycle? The term life cycle refers to the course of events that leads from the beginning to the end of a product, business, or industry. This means that a life cycle brings new products, companies, and industries into existence, sees them grow, and eventually leads to their critical mass and decline.
What Is a Life Estate? A life estate is property, usually a residence, that an individual owns and may use for the duration of their lifetime. This person, called the life tenant, shares ownership of the property with another person. This person is called the remainderman, and automatically receives the title to the property upon
