Common use of Commercialization of an Invention by Independent Action Clause in Contracts

Commercialization of an Invention by Independent Action. 16.6.1 If an Inventor(s) elects to protect or commercialize an Invention without PARTEQ, the Inventor(s) shall so notify PARTEQ in writing. If PARTEQ 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 his/her/their assignee(s), once the total net proceeds received by the Inventors or assignees exceed five hundred thousand dollars ($500,000.00).

Commercialization of an Invention by Independent Action. 16.6.1 If an Inventor(s) elects to protect or commercialize an Invention without PARTEQ, the Inventor(s) shall so notify PARTEQ in writing. If and iIf PARTEQ 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 his/her/their assignee(s), once the total net proceeds received by the Inventors or assignees exceed exceeding five hundred thousand dollars ($500,000.00).