In addition, companies often require the use of creators` intellectual property to integrate it into their own products, which they then use to make a profit. When a company obtains the right to market these creations, the creator is usually compensated in the form of a royalty. A royalty is an indemnity that the licensor receives from the fellow in exchange for the use of his or her property. The royalty could be an amount per unit sold, a percentage of the profits generated by the stock exchanger`s use of the property, a lump sum paid in advance or a combination of the three of these options. In addition, this License Agreement prevails over all prior agreements, including but not limited to oral or written agreements between the parties. All notices relating to this License Agreement are sent either personally, by mail, or by registered letter to the addresses mentioned below: this License Agreement is governed by [Grantee.State] and all legal proceedings take place as such. Both parties understand and approve the terms of this License Agreement. By electronic signature, both parties confirm receipt and understanding of this Agreement. This document contains all the information necessary to outline an agreement in which a licensor receives from a fellow, in exchange for the use of his intellectual property, an indemnity called a royalty. The licensor hereby declares that it owns the mentioned property and that it has all the rights necessary to conclude the license agreement and grant the corresponding licenses to the licensee. . .