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An Advance is an upfront payment made by the licensee to the licensor before the licensed merchandise goes on sale. In fashion licensing, it serves as an initial investment and show of commitment from the licensee and can be applied against future royalties.

A Minimum Guarantee is a financial commitment that the licensee agrees to pay the licensor, regardless of sales. This ensures that the licensor receives a base level of income from the licensing deal. In the fashion industry, it's used to secure a deal and protect the interests of the brand owner.

A Product Category in a licensing agreement refers to specific types of products that the licensee is authorized to produce or sell under the licensor's brand. Fashion licensors often restrict licensing to certain categories to manage their brand's representation in the market.

A Licensing Agreement is a legal contract between a trademark or brand owner (licensor) and a third party (licensee) that permits the licensee to use the brand or trademark for a certain purpose within specified terms. In fashion, it enables the licensee to produce and sell goods under the brand's name.

Exclusivity in a licensing agreement means only the licensee has the rights to produce or sell the licensed product within a certain territory or market segment. For fashion brands, exclusivity can add value to a license by limiting market saturation and preserving brand prestige.

Infringement in fashion licensing occurs when an unauthorized party uses a licensed trademark or design without permission, potentially leading to legal action. Brand protection is crucial in fashion to prevent loss of revenue and dilution of the brand’s value.

A Royalty is a fee paid to a property owner for the use of a particular design, logo, or brand name, typically calculated as a percentage of sales. In fashion, this allows designers or brands to earn from their creations when licensed to other retailers or manufacturers.