This practical guide for business persons, researchers and lawyers gives the basics of how to prepare for and conduct a technology license negotiation. It includes an explanation of how to succeed in licensing, a step-by-step approach for preparing for licensing, as well as a description of the "four clusters" of key terms in a licensing agreement and a form term sheet to be used as a tool for preparation. This guide can be used to train trainers in connection with WIPO's Successful Technology Licensing training toolkit.