Book excerpt: The second volume of the Basics of Licensing series, this book expands on the various licensing topics examined in the first, but from the contrasting perspective of the licensor or property owner. It provides a comprehensive overview of the unique considerations and steps a licensee should take in securing a license, developing a licensed product, and achieving distribution. The focal points addressed include selecting the right license for a product, best practices in product development, ethics and social compliance of licensing management, and more. In addition to the core commentary, this edition also features new administrative templates and licensing form agreements derived from actual transactions, tailored specifically for the licensee.