NYMEX Change Requests Clause Samples
The NYMEX Change Requests clause establishes the procedures for modifying contract terms in response to changes in the rules, practices, or standards of the New York Mercantile Exchange (NYMEX). Typically, this clause allows either party to request adjustments to pricing, delivery, or other contractual obligations if NYMEX alters its specifications or trading protocols. By providing a formal mechanism for addressing such changes, the clause ensures that the contract remains fair and relevant, minimizing disputes and maintaining alignment with industry standards.
NYMEX Change Requests. CME shall respond to requests from NYMEX concerning modifications or enhancements to the CME Services or the CME Systems by evaluating the request, including the cost of the requested change and the impact of the requested change upon the CME Systems, and providing a response in accordance with this Section to NYMEX concerning such request within thirty (30) days of CME’s receipt of such request (unless the complexity of such request reasonably requires a longer period, in which case CME shall provide an initial response).
NYMEX Change Requests. NYMEX may request in writing to retain some or all IP rights in the functionality, processes, or other features disclosed in a change request submitted pursuant to Section 6.8. Any such request to retain IP rights shall be made prior to written approval by authorized representatives of both parties of any change order based on such change request. In the absence of such a written approval, CME and/or its licensors, as applicable, shall own all right, title and interest in any IP created by the parties in connection with such change order. [***Redacted***]
NYMEX Change Requests. NYMEX may request in writing to retain some or all IP rights in the functionality, processes, or other features disclosed in a change request submitted pursuant to Section 6.8. Any such request to retain IP rights shall be made prior to written approval by authorized representatives of both parties of any change order based on such change request. In the absence of such a written approval, CME and/or its licensors, as applicable, shall own all right, title and interest in any IP created by the parties in connection with such change order. Notwithstanding the foregoing, NYMEX shall retain any IP rights that it may have in [***Redacted***] specified by NYMEX in a change order. To the extent that NYMEX claims such IP rights to [***Redacted***], NYMEX shall notify CME of such in the change request and indicate the scope of rights it is granting to CME to [***Redacted***].
NYMEX Change Requests. NYMEX may request in writing to retain some or all IP rights in the functionality, processes, or other features disclosed in a change request submitted pursuant to Section 6.8. Any such request to retain IP rights shall be made prior to written approval by authorized representatives of both parties of any change order based on such change request. In the absence of such a written approval, CME and/or its licensors, as applicable, shall own all right, title and interest in any IP created by the parties in connection with such change order. Notwithstanding the foregoing, NYMEX shall retain any IP rights that it may have in [***Redacted***] specified by NYMEX in a change order. To the extent that NYMEX claims such IP rights to [***Redacted***], NYMEX shall notify CME of such in the change request and indicate the scope of rights it is granting to CME to [***Redacted***]. Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[***Redacted***]”, and the omitted text has been filed separately with the Securities and Exchange Commission.