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Like other types of intellectual property, copyrights can be assigned or licensed to others. However, there are some differences in the rights of both the licensor or licensee. Any copyright transfer executed after January 1, 1978 may be terminated by the author of the copyright or the author's successors, unless the work was for hire or transferred by will. Congress provided for this termination to provide authors with a second chance at licensing their work after it has been published and perhaps more valuable of the work able to be ascertained. The termination may occur at any time during a five year period beginning thirty six years after the date the assignment or license was executed. This right to terminate may not be waived or relinquished by any agreement. Only after the date of termination, can the author make a new agreement.

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