Corporate and fashion licensing is the practice of leasing your company’s trademark and/or logo to a carefully selected proficient firm for a defined period of time. For the right to use your trademark, the third-party firm will pay your company an agreed upon licensing fee. The grant is limited to a list of specified products and a geographic region, both of which are defined in the license agreement. Most major corporations regard licensing as a vital marketing tool. In fact, the media has stated on numerous occasions that licensing has become one of the most powerful forms of marketing and brand extension.