Maxim Patents Sample Clauses
The "Maxim Patents" clause defines the rights and obligations of the parties regarding patents owned or controlled by Maxim. Typically, this clause specifies whether and how the other party may use, license, or is restricted from using Maxim's patented technology within the scope of the agreement. For example, it may grant a license to certain Maxim patents necessary for the performance of the contract or clarify exclusions. The core function of this clause is to clearly allocate intellectual property rights and prevent future disputes over the use of Maxim's patented inventions.
Maxim Patents. Myriad shall have the first right to bring and control any action or proceeding with respect to infringement of any Maxim Patent for which Myriad is controlling the prosecution at its own expense and by counsel of its own choice. With respect to infringement of any Maxim Patent that is controlled by Myriad, Maxim shall have the right, at its own expense, to be represented in any such action by counsel of its own choice. If Myriad fails to bring an action or proceeding within (a) 60 days following the notice of alleged infringement or (b) 10 days before the time limit, if any, set forth in the appropriate laws and regulations for the filing of such actions, whichever comes first, Maxim shall have the right to bring and control any such action at its own expense and by counsel of its own choice, and Myriad shall have the right, at its own expense, to be represented in any such action by counsel of its own choice.
Maxim Patents. Myriad shall be responsible for the preparation, filing, prosecution and maintenance of the Maxim Patents. The cost of such preparation, filing, prosecution and maintenance of the Maxim Patents shall be [***]. Myriad shall invoice Maxim for such costs on a monthly basis (with appropriate supporting documentation), and Maxim shall pay each such invoice within 30 days of receipt. Myriad shall consider in good faith the requests and suggestions of Maxim with respect to strategies for filing and prosecuting such Patents. Myriad shall keep Maxim informed of progress with regard to the preparation, filing, prosecution and maintenance of Patents claiming a Product. In the event that Myriad desires to abandon any Maxim Patent claiming the manufacture, use or sale of a Product being developed or commercialized by or on behalf of Myriad pursuant to a license granted under Section 5.1(a)(ii), Myriad shall provide reasonable prior written notice to Maxim of such intention to abandon (which notice shall, in any event, be given no later than 60 days prior to the next deadline for any action that may be taken with respect to such Maxim Patent with the U.S. Patent & Trademark Office or any foreign patent office) in which case Myriad shall have no further rights or obligations with respect to such Maxim Patent and Maxim shall have the right, at its expense, to prepare, file, prosecute, and maintain such Maxim Patent.