The following discussion will help you identify which type of patent (i.e. utility model or design patent) is best to protect your invention. As in the discussion above about backing up several types of IP rights for your product or invention, you may be able to purchase both a utility and a design patent to protect your invention. Under an intellectual property license agreement (also known as an intellectual property license or intellectual property license agreement), you retain ownership of your patent, copyright or trademark, but you authorize another party to use some or all of your intellectual property rights for a specified period of time for a royalty or royalty. These intellectual property contracts usually set dates and procedures for termination. Unlike traditional property, intellectual property is “indivisible” because an unlimited number of people can “consume” an intellectual good without it being exhausted. In addition, investments in intellectual property suffer from appropriation problems: a landowner may surround his land with a sturdy fence and hire armed guards to protect it, but a producer of information or literature can normally do very little to dissuade his first buyer from replicating it and selling it at a lower price. Balancing rights so that they are strong enough to encourage the creation of intellectual property, but not strong enough to prevent the widespread use of property, is the essence of modern intellectual property law. .