A License Agreement is a legal contract between two parties, where one party (the licensor) grants permission to another party (the licensee) to use certain rights or properties. This can include intellectual property like patents, trademarks, or copyrights. The agreement outlines the terms of use, duration, and any fees involved, ensuring both parties understand their rights and responsibilities. These agreements are common in various industries, such as software, entertainment, and publishing. For example, a software company may issue a license agreement to allow users to install and use its program, while retaining ownership of the software itself.