Imagine finding out that 90 percent of the software in your products is protected by third-party intellectual property (IP). You are relieved when you learn that such IP is licensed to your company. However, as soon as you start reading the agreements, you realize some of them contain terms you are not familiar with or have never even heard of before such as “source code,” “binary,” “object code,” and “system libraries.” Moreover, you cannot find any basic contractual provisions such as “governing law” or “jurisdiction” in the agreements. The reason, you are being told, is that your company had no chance to negotiate the terms, but was rather presented with “take it or leave it” standard template licenses, which differ from each other.