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3 Indian J. L. & Tech. 1 (2007)

handle is hein.journals/indiajoula3 and id is 1 raw text is: 2007] THE INDIAN JOURNAL OF LAW AND TECHNOLOGY Volume 3, 2007 LICENSING INFORMATION ASSETS IN THE NEW ECONOMY: A PRO-RIGHTS PERSPECTIVE Raymond T. Nimmer* ABSTRACT Transactions in the twenty-first century are no longer restricted to just transactions of goods. The digital age has brought with it a boom in transactions in information, and licensing of information assets is often seen as the best way to permit and control the use of the information in question by mutual agreement. However, given the rapidity of technological advances and the corresponding changes in the nature of licensing transactions, an economy is not best served by a static legal system that continues to treat information licensing in the same manner as a hire, rent or lease of goods. This article therefore examines the nature of licences as well as the market and legal rationales behind licensing in an effort to depict the impact of these transactions and the importance of having dynamic legal systems enforcing and protecting them. TABLE OF CONTENTS I. IN TRO D U CTIO N .......................................................................... 2 II. W H AT IS A LICEN CE? .................................................................... 4 III. CONTEXT: TRANSACTIONS IN INFORMATION, N O T G O O D S .................................................................................... 6 IV. THE RATIONALE FOR LICENSING .......................................... 10 A. The Market Rationale: Diversity and Tailoring .......................... 11 B. The Legal Rationale for Licensing ............................................. 20 V . C O N C LU SIO N ............................................................................... 23 Dean and Leonard Childs Professor of Law, University of Houston Law Center; B.A. (Mathematics) '66, Valparaiso University; J.D. '68, Valparaiso University School of Law.

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