Commercialization of an Invention by Independent Action. 16.6.1 If an Inventor elects to protect or commercialize an Invention without PARTEQ and if PARTEQ was a suitable vehicle for commercialization of the Invention, the Inventor shall pay the University, in lieu of costs, twenty-five (25) percent of any net proceeds of commercialization of the Invention exceeding five hundred thousand dollars ($500,000.00). 16.6.2 For the purposes of Article 16.6.1, PARTEQ 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 PARTEQ 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
