Common use of Joint Intellectual Property Clause in Contracts

Joint Intellectual Property. In the event that either party desires to obtain any Intellectual Property Protections concerning Joint Intellectual Property, such party will notify the other party and the parties shall mutually agree upon patent strategy and cost allocation. Each party agrees to execute documentation necessary in connection therewith. Title to all patents issued on Joint Intellectual Property shall be joint and each party shall have the right to license such Joint Intellectual Property to third parties, with the right to sublicense thereunder, without accounting to the other and without seeking the consent of the other. In the event that consent by each joint owner is necessary for either joint owner to non-exclusively license the Joint Intellectual Property, the parties hereby consent to the other party’s grant of one or more licenses under the Joint Intellectual Property to third parties and shall execute any document or do any other reasonable act deemed necessary to evidence such consent.

Joint Intellectual Property. In the event that either party desires to obtain any Intellectual Property Protections concerning Joint IP Protection for jointly owned Intellectual Property, such party will notify the other party and the parties shall mutually agree upon patent a strategy and cost allocationallocation for such IP Protection. Each party agrees to execute documentation necessary in connection therewith. Title to all patents issued on Joint Intellectual Property jointly owned pursuant to Section 6.1 shall be joint and each party shall have the right to license grant licenses under such Joint jointly owned Intellectual Property to third parties, with the right to sublicense thereunder, without accounting to the other and without seeking the consent of the other. In other party, and in the event that consent by each joint owner is deemed necessary for either joint owner a party to non-exclusively license the Joint such jointly owned Intellectual Property, the parties each party hereby consent consents to the other party’s grant of one or more such licenses under the Joint Intellectual Property to third parties under the jointly owned Intellectual Property and agrees it shall execute any document or do any other reasonable act deemed necessary to evidence such consent.