Contract-Based Intangible Assets are intangible assets which grant legal rights to the economic benefits associated with ownership of the asset. The legal rights are normally granted by the original owners of the assets to third parties. Examples of contract-based intangible assets include licensing and royalties, franchise agreements, and long-term contracts. To qualify for valuation, contract-based intangible assets must be recognisable. In addition, valuators should be able to accurately measure the expected economic benefits. Owners of contract-based intangible assets are protected by the legal terms of the contract to appropriate all potential economic benefits associated with the contract. Business valuation analysts estimate the fair market value of contract-based intangible assets by applying techniques under the cost, market, and income methods.