Question

The owner of intellectual property grants a firm the right to use that property for a specified period of time in exchange for royalties or other compensation. In international business terms, we refer to this arrangement as __

Answer 1

Licensing

Step-by-step explanation:

Licensing is a business arrangement that allows one to take advantage of existing products, marketing or distribution systems in order to quickly and profitably grow and develop one's business.

A license is usually granted by the owner of the right (licensor) to the user of teh right (licensee)

Usually, in exchange for the many years spent by the original owner or the property, the licensee pays a percentage of his revenue to the licensor (owner of the right).

Licensing will usually be used for patents, designs, copyrights, trademarks as well as intellectual properties.