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Simple English definitions for legal terms
cross-license
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A quick definition of cross-license:
A cross-license is an agreement between two or more people who own patents. They agree to share their patents with each other so they can use each other's inventions. This helps them both because they can use each other's inventions without having to pay a lot of money. It's like sharing toys with your friends so everyone can have fun playing together.A more thorough explanation:
Definition: A cross-license is an agreement between two or more patent holders to exchange licenses for their mutual benefit and use of the licensed products.
Example: Company A and Company B both hold patents for different parts of a product. They enter into a cross-license agreement, allowing each other to use their respective patents to manufacture and sell the product without infringing on each other's patents.
Explanation: In this example, Company A and Company B have agreed to exchange licenses for their patents, allowing them to use each other's patents to manufacture and sell the product. This agreement benefits both companies by avoiding patent infringement and allowing them to use each other's technology to improve their product.