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Licensing agreements are legally binding contracts that allow one party to use the intellectual property or rights of another party under specified conditions. These agreements are crucial in the production industry, as they define how content can be used, distributed, and monetized while protecting the rights of the original creators. They can involve various aspects, including royalties, duration, and territory, making them essential in the landscape of production contracts and vital during archiving and documentation closeout processes to ensure that all rights and obligations are honored.
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