Common use of Commercialisation of Foreground IP Clause in Contracts

Commercialisation of Foreground IP. (a) The Consortium Project Manager shall notify the Parties in writing of the availability of Foreground IP for Commercialisation which shall count as the effective date for the commencement of the Option Period. The timing of such notification shall be as agreed at Schedule 3. (b) Each Party shall have the option during the Option Period to commence negotiation of a Licence to such Foreground IP. (c) If any Party wishes to exercise an Option, it shall notify the Owning Party or Lead Owning Party, as appropriate, in writing within the applicable Option Period. (d) On receipt of the notification to exercise the Option, the Owning Party or Lead Owning Party and the Party in question shall negotiate in good faith, with the aim of concluding a Licence during the Negotiation Period. (e) If a Party does not exercise an Option within the applicable Option Period then that Party’s Option shall lapse. (f) If a Party exercises an Option and no Licence is agreed within the Negotiation Period, that Party’s particular Option shall lapse.

Commercialisation of Foreground IP. (a) The Project/Consortium Project Manager shall notify the Parties in writing of the availability of Foreground IP for Commercialisation which shall count as the effective date for the commencement of the Option Period. The timing of such notification shall be as agreed at Schedule 3. (b) Each Party shall have the option during the Option Period to commence negotiation of a Licence to such Foreground IP. (c) If any Party wishes to exercise an Option, it shall notify the Owning Party or Lead Owning Party, as appropriate, in writing within the applicable Option Period. (d) On receipt of the notification to exercise the Option, the Owning Party or Lead Owning Party and the Party in question shall negotiate in good faith, with the aim of concluding a Licence during the Negotiation Period. (e) If a Party does not exercise an Option within the applicable Option Period then that Party’s Option shall lapse. (f) If a Party exercises an Option and no Licence is agreed within the Negotiation Period, that Party’s particular Option shall lapse.

Commercialisation of Foreground IP. (a) The Consortium Project Manager shall notify the Parties in writing of the availability of Foreground IP for Commercialisation which shall count as the effective date for the commencement of the Option Period. The timing of such notification shall be as agreed at Schedule 3. (b) . Each Party shall have the option during the Option Period to commence negotiation of a Licence to such Foreground IP. (c) . If any Party wishes to exercise an Option, it shall notify the Owning Party or Lead Owning Party, as appropriate, in writing within the applicable Option Period. (d) . On receipt of the notification to exercise the Option, the Owning Party or Lead Owning Party and the Party in question shall negotiate in good faith, with the aim of concluding a Licence during the Negotiation Period. (e) . If a Party does not exercise an Option within the applicable Option Period then that Party’s Option shall lapse. (f) . If a Party exercises an Option and no Licence is agreed within the Negotiation Period, that Party’s particular Option shall lapse.