What is the purpose of licensing?
When a patent is licensed, Michigan State University retains patent ownership, but allows another to make and/or use and/or sell the invention. A license agreement is a contract between parties and includes any provisions agreed to by the parties. Typically, a license agreement details what use may be made by the licensee (the industrial company) of the invention (made, used, or sold), what length of time this use may be made, and what payment will be made to the licensor (the university).
