A “franchise agreement” is often used for the type of license where a full business concept and a bundle of intellectual property, including usually at least trademarks, copyright and know how, is licensed.
The owner of the intellectual property is often the franchisor and it licenses, as mentioned, a bundle of intellectual property, to a franchisee, for a period of time, in accordance with the terms of the franchise agreement. A full business concept franchise is more common these days.
Guest: Danie Strachan – Partner at Adams and Adams Law Firm