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A license is a legal document giving official permission to do something. Licensing an invention, means granting another party the right to make, use, import, offer to sell, and/or sell the patented invention/discovery/method, under certain terms and conditions for a negotiated compensation (one‐time payment or lump sum amount, royalties, equity (or a combination of any of these), or other kind of consideration. A patent owner (licensor) may grant the licensee a patent license either exclusively or nonexclusively.