A written agreement entered by the contractual owner of a property or activity, that allows the licensee to use or engage in an activity in relation to the said property. The property can be real, intellectual, or personal. There are some considerations, laid out in the contract, between the licensor and the licensee. Also, it specifies the scope of the licensee and whether it is exclusive or nonexclusive. It may be intangible, but the agreement is of significant importance in industries like technology, publishing, and biotechnology.