In the U.S., a conflict will be resolved in favor of the first to invent, which places a premium on documentation. By international treaty, copyrights are international but enforcement is not always easy. Knowledge is intellectual property which is often patentable but often unpatentable know-how. It is part of a company's core competence. Many companies have been able to mine some gold from inactive parts of their patent portfolios.
Licenses can be exclusive to a single party or broad to many.
Licensing in of IP from others is also an important activity. Licensing charges are set by negotiation among the parties but must obviously relate to the benefits and value of the property. License agreements must anticipate future happenings and rights and should be drafted by experts. Valuation of intellectual property is also important for pricing and accounting for acquisitions and mergers. Some companies are starting to consider intellectual property as a balance sheet asset and indicator of their own health just as they do fixed capital.