A Product License Agreement is a contract between a licensor and a licensee that grants the licensee the right to use, or in some cases own, an item of intellectual property such as a piece of software, an image, or a design. The agreement sets out the terms of the arrangement, including the rights granted by the licensor to the licensee, any obligations attached to those rights, and any fees payable for using the protected property. A Product License Agreement helps to protect the interest of both parties so that everyone is clear on their respective roles and responsibilities.