Intellectual property licensing refers to the legal process by which the owner of intellectual property (IP) rights grants another party the permission to use their IP in exchange for compensation, typically in the form of licensing fees or royalties. Intellectual property, including patents, trademarks, copyrights, and trade secrets, can be licensed to other individuals, organizations, or businesses under specific terms and conditions. The licensee, the party receiving the license, gains the right to use the IP for a designated purpose and within defined limits, while the licensor, the IP owner, retains ownership of the IP.