The willingness of a business to purchase and sell land is important for its survival and viability over the long term. While it does not take up physical space, an excess of intellectual property will strain a corporation, directing restricted funds into holding trademarks, defending against lawsuits from third parties, or producing and selling a finished product. Intellectual property licencing may have an enormously beneficial impact on the profitability of a business, raising sales and reducing costs. A business that is requesting a licence must make confident that the licensor already has the rights to the products it needs. In all cases, a correctly written trademark licence agreement will benefit.
A licencing arrangement requires the licensee to use (but not own) the licensor's trademark in accordance with products or services decided upon. Licensing will quickly and efficiently help a business grow into new markets, thus providing the licensee with an existing brand and prestige. The licensee's marketing activities would, in exchange, support the products and reputation of the licensor.
A trademark according to Section 2(1)(zb) of Trademark Act,1999 means a mark capable of being represented graphically and which is capable of distinguishing the goods or services of one person from those of others.
The food inspector must inspect the manufacture, storage and sale of an article of food within the area assigned to him as prescribed by the Food (health) Authority.