A Licensing Agreement is a legal contract between two parties, where one party (the licensor) allows the other party (the licensee) to use certain rights, such as intellectual property, trademarks, or technology. This agreement outlines the terms and conditions under which the licensee can use these rights, including duration, payment, and any restrictions. These agreements are common in various industries, including software, entertainment, and consumer products. For example, a company like Disney may grant a licensing agreement to a toy manufacturer, allowing them to produce toys featuring Mickey Mouse in exchange for royalties.