Joint Intellectual Property Rights. 15.1 The Company may select one of the following options on the treatment of Intellectual Property Rights (“Joint Intellectual Property Rights”) jointly owned by the University and the Company pursuant to Article 12.4 in principle within one hundred and eighty (180) days after the application for the Joint Intellectual Property Rights or up to the deadline provided under a joint application agreement, if any: (1) The Company obtains the share of the Joint Intellectual Property Right by transfer from the University; (2) The Company is granted an exclusive license under the Joint Intellectual Property Right by the University; (3) The Company is granted a non-exclusive license under the Joint Intellectual Property Right by the University; or (4) The Company reserves selecting the above options until the registration of the Joint Intellectual Property Right. 15.2 If the Company selected one of the options set forth in Article 15.1, both parties shall discuss and determine the terms and conditions on the selected option. 15.3 If the Company does not select any of options set forth in Article 15.1, either party may assign or grant license to any third party under its own share of such a Joint Intellectual Property Right at its discretion.
Appears in 4 contracts
Samples: Entrusted Research Agreement, Cooperative Research Agreement, Entrusted Research Agreement
