Commercialization of an Invention by Independent Action. 16.6.1 If an Inventor(s) elects to protect or commercialize an Invention without the Office of the Vice-Principal (Research) or its delegate, the Inventor(s) shall so notify the Office of the Vice-Principal (Research) or its delegate in writing. If the Office of the Vice-Principal (Research) or its delegate was a suitable vehicle for commercialization of the Invention, the Inventor(s) shall pay the University, in lieu of costs, twenty-five (25) percent of any further net proceeds of commercialization of the Invention received by the Inventor(s) or their assignee(s), once the total net proceeds received by the Inventors or assignees exceed five hundred thousand dollars ($500,000.00). 16.6.2 For the purposes of Article 16.6.1, the Office of the Vice-Principal (Research) or its delegate shall be deemed to be a suitable vehicle for commercialization if it has an adequate capacity to undertake the commercialization in an expeditious manner and it has sufficient prior experience with the type of Invention or with the type of commercialization likely to yield a good return for the Invention. 16.6.3 Any dispute as to whether the Office of the Vice-Principal (Research) or its delegate is a suitable vehicle for commercialization of a particular Invention is grievable under Article 19 of this Agreement. 16.6.4 All proceeds received by the University under Article 16.6.1 shall be allocated to a fund at the University to be used exclusively for direct support of research by Members. 16.6.5 The Association shall receive yearly accounts of the receipts and disbursements of the fund described in Article 16.6.4 and its disbursements.
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Samples: Collective Agreement, Collective Agreement, Collective Agreement
