Common use of OWNERSHIP OF NEW INTELLECTUAL PROPERTY Clause in Contracts

OWNERSHIP OF NEW INTELLECTUAL PROPERTY. All rights and title to all inventions, derivative works, improvements and/or discoveries, including software, know-how, copyright, patent, technology, data, trade secrets, and other intellectual property arising directly or indirectly from the Solutions ("New Intellectual Property Rights") during the Term of this Agreement shall belong to SPS-EFT. To the extent that such New Intellectual Property Rights do not automatically vest in SPS-EFT, MERCHANT hereby assigns and transfers over such rights to SPS-EFT, grants SPS-EFT power of attorney to accomplish all such assignments and transfers and agrees to take any and all actions that SPS-EFT or its counsel deem necessary to transfer and vest good title in such rights in SPS-EFT.