Licensing

is defined as the process of leasing a trademarked or copyrighted entity (known as a "property") for use in conjunction with a product, service or promotion.
The property could be a name, likeness, logo, graphic, saying, signature, character or a combination of several of these elements.

Licensing is usually based on a contractual agreement between two business entities: the owner or agent of the property, also known as the licensor and the renter of the rights, and the prospective licensee - generally a manufacturer or service provider who believes that by using the property as a marketing tool, it can sell more of the product or services.