Common use of Commercialization by the Creators Clause in Contracts

Commercialization by the Creators. When creator(s) elect to commercialize the intellectual property, they assume responsibility for legally protecting and marketing it, finding a licensee, negotiating a license agreement, and administering that agreement. Any such license agreement must contain full and complete releases and indemnification in favour of the university, with respect to the commercialized intellectual property. Such creator(s) will pay the university 25% of Net Revenues arising from the intellectual property or 10% of Gross Revenue, whichever is greater, on an annual basis. Any such intellectual property shall remain subject to the license and other rights of the university under these policies. Where Academic and non-academic personnel are co-creators of an intellectual property and where the university has not waived its ownership rights as the employer of such non-academic personnel, then the university's Associate Xxxxxxx, Research shall represent the university's interest in all matters related to this intellectual property, including but not limited to Patents, sale, licensing or any other commercialization activity. If creators pursue commercialization on their own, the university is not responsible for any legal, development, marketing and other costs they may incur, including patent prosecutions.