Inventor's Share of Royalties. Except as otherwise agreed and subject to any contrary obligations arising from grants, contracts or other agreements with outside sponsoring organizations, the inventor's share of royalties derived from the exploitation of any patent shall be as follows. 6.1 The inventor shall be entitled to receive a share of the net royalties received, “net royalties” being defined as gross royalty receipts less all costs incurred in connection with the patent, as follows: Up to $5000 100% $5001-100,000 $5000 plus 75% of the net royalties in excess of $5000 More than $100,000 $76,250 plus 50% of the net royalties in excess of $100,000 6.2 If there are two or more inventors, each inventor shall share equally in the said share, unless all inventors have previously agreed in writing to a different distribution and have notified the University in writing thereof. 6.3 Distribution of the inventor’s share shall be made annually from the amount of net royalties if any, received during the previous calendar year. 6.4 In the event of any litigation, actual or imminent, or any other action to protect patent rights, distribution of royalties may be withheld until resolution of the dispute.
Appears in 5 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Inventor's Share of Royalties. Except as otherwise agreed and subject to any contrary obligations arising from grants, contracts or other agreements with outside sponsoring organizations, the inventor's share of royalties derived from the exploitation of any patent shall be as follows.
6.1 The inventor shall be entitled to receive a share of the net royalties received, “"net royalties” " being defined as gross royalty receipts less all costs incurred in connection with the patent, as follows: Royalties Inventor’s Share Up to $5000 100% $5001-100,000 $5000 plus 75% of the net royalties in excess of $5000 More than $100,000 $76,250 plus 50% of the net royalties in excess of $100,000
6.2 If there are two or more inventors, each inventor shall share equally in the said share, unless all inventors have previously agreed in writing to a different distribution and have notified the University in writing thereof.
6.3 Distribution of the inventor’s 's share shall be made annually from the amount of net royalties if any, received during the previous calendar year.
6.4 In the event of any litigation, actual or imminent, or any other action to protect patent rights, distribution of royalties may be withheld until resolution of the dispute.
Appears in 2 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement
