Common use of OWNERSHIP AND VALIDITY Clause in Contracts

OWNERSHIP AND VALIDITY. Licensee acknowledges Licensor’s ownership of the entire right, title and interest in and to the IP and Licensee’s use shall inure to the sole benefit of Licensor. Licensor represents and warrants that it is the sole owner of all right, title and interest in the IP, free and clear of any restriction or encumbrance that would limit Licensee’s ability to use the IP pursuant to this Agreement, and that the IP does not violate the rights of any third party.