An agreement granting a license to use or commercialize products covered by one or more patents. Patent license agreements vary in length and complexity depending on multiple factors (such as the scope of the licensed patents, the complexity and type of patented technology, the relationship between the parties, and the value and duration of the licensing arrangement). Each patent license agreement must be tailored to suit the circumstances of the transaction. This Standard Document is drafted in the licensee's favor but aims to be reasonable and includes provisions common to negotiated patent license agreements. This Standard Document has integrated notes with important explanations and drafting and negotiating tips.