diff --git a/LICENSE b/LICENSE
index f55d21fe42f..b381f6d9681 100644
--- a/LICENSE
+++ b/LICENSE
@@ -1,4 +1,4 @@
-DSpace source code BSD License:
+BSD 3-Clause License
 
 Copyright (c) 2002-2021, LYRASIS.  All rights reserved.
 
@@ -13,13 +13,12 @@ notice, this list of conditions and the following disclaimer.
 notice, this list of conditions and the following disclaimer in the
 documentation and/or other materials provided with the distribution.
 
-- Neither the name DuraSpace nor the name of the DSpace Foundation
-nor the names of its contributors may be used to endorse or promote
-products derived from this software without specific prior written
-permission.
+- Neither the name of the copyright holder nor the names of its
+contributors may be used to endorse or promote products derived from
+this software without specific prior written permission.
 
 THIS SOFTWARE IS PROVIDED BY THE COPYRIGHT HOLDERS AND CONTRIBUTORS
-``AS IS'' AND ANY EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT
+"AS IS" AND ANY EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT
 LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR
 A PARTICULAR PURPOSE ARE DISCLAIMED. IN NO EVENT SHALL THE COPYRIGHT
 HOLDERS OR CONTRIBUTORS BE LIABLE FOR ANY DIRECT, INDIRECT,
@@ -29,11 +28,4 @@ OF USE, DATA, OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER CAUSED AND
 ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR
 TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE
 USE OF THIS SOFTWARE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH
-DAMAGE.
-
-
-DSpace uses third-party libraries which may be distributed under
-different licenses to the above. Information about these licenses
-is detailed in the LICENSES_THIRD_PARTY file at the root of the source
-tree.  You must agree to the terms of these licenses, in addition to
-the above DSpace source code license, in order to use this software.
+DAMAGE.
\ No newline at end of file
diff --git a/NOTICE b/NOTICE
new file mode 100644
index 00000000000..44bbf95d2ae
--- /dev/null
+++ b/NOTICE
@@ -0,0 +1,28 @@
+Licenses of Third-Party Libraries
+=================================
+
+DSpace uses third-party libraries which may be distributed under
+different licenses than specified in our LICENSE file. Information
+about these licenses is detailed in the LICENSES_THIRD_PARTY file at
+the root of the source tree. You must agree to the terms of these
+licenses, in addition to the DSpace source code license, in order to
+use this software.
+
+Licensing Notices
+=================
+
+[July 2019] DuraSpace joined with LYRASIS (another 501(c)3 organization) in July 2019.
+LYRASIS holds the copyrights of DuraSpace.
+
+[July 2009] Fedora Commons joined with the DSpace Foundation and began operating under
+the new name DuraSpace in July 2009.  DuraSpace holds the copyrights of
+the DSpace Foundation, Inc.
+
+[July 2007] The DSpace Foundation, Inc. is a 501(c)3 corporation established in July 2007
+with a mission to promote and advance the dspace platform enabling management,
+access and preservation of digital works. The Foundation was able to transfer
+the legal copyright from Hewlett-Packard Company (HP) and Massachusetts
+Institute of Technology (MIT) to the  DSpace Foundation in October 2007. Many
+of the files in the source code may contain a copyright statement stating HP
+and MIT possess the copyright, in these instances please note that the copy
+right has transferred to the DSpace foundation, and subsequently to DuraSpace.
\ No newline at end of file
diff --git a/README.md b/README.md
index 69b61324789..1143a79f311 100644
--- a/README.md
+++ b/README.md
@@ -449,4 +449,8 @@ DSpace uses GitHub to track issues:
 
 License
 -------
-This project's source code is made available under the DSpace BSD License: http://www.dspace.org/license
+DSpace source code is freely available under a standard [BSD 3-Clause license](https://opensource.org/licenses/BSD-3-Clause).
+The full license is available in the [LICENSE](LICENSE) file or online at http://www.dspace.org/license/
+
+DSpace uses third-party libraries which may be distributed under different licenses. Those licenses are listed
+in the [LICENSES_THIRD_PARTY](LICENSES_THIRD_PARTY) file.