A licence is also a legal agreement, but one which can be terminated at any time by either the licensee or the landlord.This can be an advantage if your plans are short-term but it does not give you any long-term security. A licence will be issued for example:
◆ on a shop that is available only for a short period of time, eg if it is earmarked for re-development;
◆ for an indoor market stall, which is not a permanent trading location but the licence gives you the right to the same location on the market, each week of your licence;
◆ for most small storage units, such as lock-up garages.
