lg liger 7

LG and Google announced Wednesday that the two firms have entered a 10-year patent sharing agreement. Under the terms, both companies are cross licensing existing patented technology in addition to patents that will be filed over the next decade. Considering the pace of technology these days, that could end up covering a whole lot of innovation.

In a very general sense, this also technically means that LG and Google won't be at one another's throats with lawsuits. If Google develops some amazing new hardware or software technology, LG may end up using it in its own products without the risk of fines. The partnership should hopefully also help both Google and LG fight off other tech rivals in the industry who might have similar patents.

"By working together on cross-licenses like this, companies can focus on bringing great products and services to consumers around the world," said Allen Lo, deputy general counsel for patents at Google. 

If only more companies could get along like this.