Common use of Exercise of License Option to Joint CRADA Inventions Clause in Contracts

Exercise of License Option to Joint CRADA Inventions. The option of Section 7.1 for NIST’s interest in CRADA Inventions jointly conceived by the Parties must be exercised by Written Notice within three (3) months from the date on which the Government or Collaborator notifies the other Party that it intends to file a non-provisional patent application. Exercise of the license option by Collaborator initiates a negotiation period that expires six (6) months after the Written Notice to exercise the license option has been received by NIST. This period may be extended for three (3) months, by mutual agreement of the Parties. If no agreement is concluded in this period, NIST shall be free to license its interest in such CRADA Inventions to others.

Exercise of License Option to Joint CRADA Inventions. The option of Section 7.1 for NIST’s interest in on Joint CRADA Inventions jointly conceived by the Parties must be exercised by Written Notice written notice within three (3) months from the date on which the Government or Collaborator notifies the other Party that it intends to file a non-provisional patent application. Exercise of the license option by the Collaborator initiates a negotiation period that expires six (6) months after the Written Notice written notice to exercise the license option has been received by NIST. This period may be extended for three (3) months, by mutual agreement of the Parties. If no agreement is concluded in this period, NIST shall be free to license its interest in such CRADA Inventions to othersany other interested parties.