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January 27, 2014 AT 7:51 AM
Samsung Electronics Company has signed an agreement with Google Incorporated to cross-license their patents, reducing the risk of costly legal disputes over intellectual property, and likely fostering greater collaboration between the two tech giants. Seoul-based Samsung said Monday that the deal covers patents to be filed over the next 10 years, as well as existing patents. Samsung is the world's largest maker of popular consumer electronics such as smartphones and televisions, and key tech components such as memory chips for mobile phones and PCs.