An agreement granting a company a license to commercialize products incorporating the licensor's patented and unpatented technology, including know-how and trade secrets. Patent and know-how license agreements, commonly referred to as hybrid license agreements, vary in length and complexity depending on multiple factors (such as the scope of the licensed patents and know-how, the complexity and type of patented technology and know-how, the relationship between the parties, and the value and duration of the licensing arrangement). Each patent and know-how license agreement must be tailored to suit each transaction's particular circumstances. This Standard Document is drafted in the licensor's favor but aims to be reasonable and includes provisions common to negotiated patent and know-how license agreements. This Standard Document has integrated notes with important explanations and drafting and negotiating tips.