Ownership Challenge Sample Clauses
The Ownership Challenge clause establishes a process for disputing or verifying the rightful ownership of an asset, property, or intellectual property referenced in the agreement. Typically, this clause outlines the steps a party must take to formally challenge another party's claim of ownership, such as providing evidence or initiating a review process, and may specify timelines or procedures for resolving such disputes. Its core practical function is to provide a clear mechanism for addressing and resolving ownership conflicts, thereby reducing uncertainty and potential legal disputes between parties.
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Ownership Challenge. After the Effective Date, and subject to its rights under Section 8.5, PTI will promptly inform Biogen Idec if, to PTI’s knowledge, any threatened action, suit, proceeding or claim is asserted by any Third Party challenging PTI’s, Harvard’s or any other Third Party licensor’s ownership rights in the Licensed Patents.
Ownership Challenge. After the Effective Date, and subject to its rights under Section 8.5, Biogen Idec will promptly inform PTI if, to Biogen Idec’s knowledge, any threatened action, suit, proceeding or claim is asserted by any Third Party challenging Biogen Idec’s, or any Third Party licensor’s ownership rights in the Biogen Idec Patent Rights.