Licensing is an agreement to:

	a.	Sell Private Label Merchandise to a Retailer
	b.	Allow Licensors to design merchandise for manufacturers
	c.	Avoid Markdowns
	d.	the rightunder which 1party grants to another the right to use an intellectual property for a specific purpose in return for a fee.
	e.	Charge a fee for store brand merchandise which bears the name of a retailer such as the GAP