What is the relationship between a licensor and a licensee?

A licensor is an entity that grants permission to another party, the licensee, to use its intellectual property, such as patents, trademarks, or copyrights, under agreed-upon terms. This relationship is typically formalized through a licensing agreement that outlines the scope of use, duration, and any royalties or fees involved. The licensor retains ownership of the intellectual property, while the licensee gains the right to utilize it for specific purposes. This arrangement can benefit both parties by allowing the licensor to monetize their assets and the licensee to access valuable resources without needing to develop them independently.