Common use of INTELLECTUAL PROPERTY, PATENTS AND COPYRIGHTS Clause in Contracts

INTELLECTUAL PROPERTY, PATENTS AND COPYRIGHTS. GENERAL SCOPE Except in the case of works written or produced for hire, and subject to any restrictions imposed by outside sponsoring or funding organizations, a Faculty Member who writes or produces any work shall have exclusive rights thereto, including the ownership of copyright. It is recognized that there are usually three (3) interests involved in connection with research work and invention performed with the resources of the University. These three (3) interests are the Faculty Member researcher or inventor, the University, and the general public whose taxes support the University. If the research is financed wholly or in part by an outside agency, there exists an additional interest. Rights, royalties, and other net profits shall be shared fairly amongst the parties. The Faculty Member will receive a share of the net profits from the sale or exploitation of patents according to the following schedule: (a) for total net profit up to $100,000, the amount assigned to the Faculty Member shall be 2/3; (b) for total net profit above $100,000 up to $200,000, the amount assigned to the Faculty Member shall be 1/2; (c) for total net profit above $200,000 up to $300,000, the amount assigned to the Faculty Member shall be 5/12; and d) for total net profit above $300,000, the amount assigned to the Faculty Member shall be 1/3.