A license agreement is a legal contract between two parties, where one party (the licensor) allows the other party (the licensee) to use certain rights or properties, such as intellectual property, trademarks, or software. This agreement outlines the terms and conditions under which the licensee can use the licensed material, including duration, payment, and any restrictions. These agreements are common in various industries, including technology, entertainment, and publishing. For example, a software company may issue a license agreement to allow users to install and use its program, while a movie studio might license characters for merchandise.