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In the past few years, issues related to fair, reasonable, and non-discriminatory (“FRAND”) licensing rates for patents have garnered considerable attention. The issues most often come up in the context of standard-essential patents (“SEPs”). However, some FRAND commitments have been undertaken for patents that have not been formally declared as standard essential. In this article from Competition Policy International’s Antitrust Chronicle, NERA President Dr. Lawrence Wu and Senior Consultant Dr. Nadia Soboleva consider the development of FRAND-encumbered patents outside the context of a standard-setting organization and the policy issue of whether injunctive relief should apply equally to owners of both types of FRAND-encumbered patents.