An exclusive license agreement is a legal contract between two parties, where one party (the licensor) grants the other party (the licensee) permission to use their intellectual property or creative work in exchange for payment and/or other agreed-upon terms. The agreement usually stipulates that the licensee has exclusive rights to use the intellectual property within a specific geographic region, time period, or for certain purposes, while all other rights remain with the licensor. This type of agreement is commonly used in business transactions involving patents, trademarks, copyrights, and other forms of intellectual property.