Jointly Developed Venture Technology Clause Samples

Jointly Developed Venture Technology. Venture hereby grants to Hypercom, an irrevocable, perpetual, world-wide, non-exclusive, paid-up, royalty free license, with the right for Hypercom to grant sublicenses, to make, use, reproduce: (a) any jointly developed Improvements owned by Venture and, to the extent required to use such Improvements, Venture’s Basic IP; and (b) any jointly developed New Technology owned by Venture. Such rights include the right to make, use and sell any products made by using such Basic IP, Improvements or New Technology.