Common use of Exclusive Authority Clause in Contracts

Exclusive Authority. The Managing Party shall have the exclusive right and authority to negotiate, execute and administer any and all Option Agreements and License Agreements for the Joint Invention; all of which Option and License Agreements shall be for the mutual benefit of the Parties; and such Option and License Agreements upon execution by the Managing Party shall be binding on the co‑ownership interests of the Parties in the Joint Invention; and the Other Parties shall not be entitled to enter into any Option or License Agreement for the Joint Invention with respect to the Other Parties’ interest in the Joint Invention.

Exclusive Authority. The Managing Party shall have the exclusive right and authority to negotiate, execute and administer any and all Option Agreements and License Agreements for the Joint Invention; all of which Option and License Agreements shall be for the mutual benefit of the Parties; and such Option and License Agreements upon execution by the Managing Party shall be binding on the co‑ownership co-ownership interests of the Parties in the Joint Invention; and the Other Parties shall not be entitled to enter into any Option or License Agreement for the Joint Invention with respect to the Other Parties’ interest in the Joint Invention.