Those entering into a licensing agreement should consult a lawyer, as there are complexities that are difficult to understand for those who do not have a deep understanding of intellectual property rights. The bargaining power of both parties to a licensing agreement often depends on the nature of the product. For example, a film studio that conceded the image of a popular superhero to an action character manufacturer could have considerable bargaining power in this negotiation, as the manufacturer will likely benefit from such a deal. The film studio therefore has the leverage to relocate its activities elsewhere if the manufacturer is cold on its feet. A license agreement is a written agreement between two parties in which one property owner allows another party to use that property under certain parameters. An example of a license agreement is an agreement between software copyright holders and a company that allows them to use the computer software for their day-to-day activities. An example of a licensing agreement in the restaurant sector would be for a McDonald`s franchisee to have entered into a licensing agreement with McDonald`s Corporation allowing them to use the company`s branded and marketing materials. And toy makers regularly sign licensing agreements with movie studios that give them the legal power to produce action characters based on popular similarities of movie characters. Result: 707.

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