Training Memo Essay Example | Topics and Well Written Essays - 500 words

Training Memo - Essay Example assets and labor are more mobile inside a state than across states. On the other hand, in the latter, the product or service is sold or exported overseas markets. The concept of intellectual property has a significant impact on international trade. Companies spend millions of dollars for establishing brand names or trademarks to mark the specific quality for their products or services, and to obtain benefits over their competitors through the international business. Licensing Agreements and Intellectual Property Rights: Intellectual property can be described as an invention that one derives by mental power, especially a thought, creation, trade secret, procedure, data, method, patent, or brand name and other innovative creations. A licensing agreement is a contractual right that confers on a person the privilege to assist in the management, administration and guarding of intellectual property (IP). Intellectual property right is the exclusive right over the possessions of the creatio n by the creator. There is always a necessity to value the IP in various circumstances like for the period of negotiating the license arrangements so as to establish royalty rates, damage rates and financial statements.