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Being the world's knowledge capital, India invents many new products and processes for people's better living. They get patents for such products or processes to have exclusive rights for using them. Patent licensing in India authorizes third parties to pay a royalty for using their patented products or processes to enjoy its benefits. There are many types of patent licenses in India. Therefore, it is pertinent for both parties to choose the right patent license and write the agreement with utmost care regarding profit sharing and royalty.
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