A license or licence is a document, contract or agreement giving permission for an individual or entity to do something (such as manufacture a product), or to apply something (such as a trademark), with the objective of commercial gain. Typically, the party giving the permission is referred to as the 'licensor' and the party receiving the licence as 'licencee' or Licensee. The licensor typically offers the license for a specified period of time. Both the Licensor and the Licensee have obligations which may be expressed in the body of the agreement or is expressed in general law.