Intellectual property refers to creations of the mind such as inventions, artistic works, and symbols. There are several types of intellectual property including patents, copyrights, trademarks, trade secrets, and designs. Technology licensing involves an agreement where one party receives the right to use another party's intellectual property in exchange for compensation. Key components of technology licensing agreements include defining the licensed intellectual property, payment terms, rights to improvements, provisions for transferring or terminating the agreement, and resolving disputes.