Technical standards are an important component of the process of turning intellectual property into marketable products. Participants in a standard-setting organization typically are required to agree to license any of their intellectual property that is incorporated into a standard on Fair, Reasonable and Non-Discriminatory (FRAND) terms. This program, held at the Redwood Shores, California office of Weil, Gotshal & Manges LLP on 22 September 2010, examined the meaning of FRAND in the context of licensing a patent in a standard, and how FRAND would compare to reasonable royalties under Georgia-Pacific, a case that describes the factors that courts should consider in determining a reasonable royalty on a patent. Panelists included NERA Senior Vice President Dr. Alan Cox , who was joined by Jared Bobrow and Jason Kipnis of Weil Gotshal. The panel discussed the economics of standards and FRAND; what happens when these issues get taken up in the courts; and the impact of these considerations on the bylaws, rules, and operations of standard-setting organizations.