This Practice Note discusses the key practical points to consider prior to drafting and during the negotiation of an intellectual property licence (IP licence), from both a licensor’s and a licensee’s perspective. It discusses the key terms of an IP licence, including sub-licences, payment terms, improvements to the licensed IP, warranties, representations and indemnities, and the prosecution, maintenance enforcement and defence of the licensed IP. It also looks at the termination of IP licences and considers compulsory licences, collective licensing, SEPs and FRAND licence terms and the registration of IP licences.