Project Technology Rights Sample Clauses

Project Technology Rights. 5.01 Each Party shall promptly disclose to the other Party all Project Technology made by them. In the event that one of the Parties desires to obtain a patent for such Project Technology, that Party must notify the other party in writing identifying the Project Technology and make known its desire, if any, to procure patent protection for such Project Technology. The other Party shall provide notice to the disclosing party in writing whether it elects to proceed with filing a patent within thirty (30) days of receiving notice from the disclosing Party. If the Parties mutually agree to procure patent protection for the identified Project Technology, the Parties shall for a period of up to three (3) months from the receipt of the notice each use reasonable efforts to establish a mutually agreeable procedure, in accordance with this Article, to procure and maintain patent protection and an allocation of costs and expenses associated therewith between the Party filing the application for patent (the “Filing Party”) and the other Party that agrees to support such filing (the “Non-Filing Party”). Both Parties will share equally in the reasonable out-of-pocket costs and expenses associated with the filing, prosecution and maintenance of these patent rights (“Patent Costs”) unless Gecko elects to use the “Deferred Cost Sharing” procedure in accordance with Section 5.02 below. Notwithstanding anything to the contrary herein above, for a period of three (3) months after a Party’s receipt of such notice, neither Party shall purposely act or fail to act as to preclude the procurement of patent protection for the identified Project Technology in any country of the world. 5.02 If Gecko determines that it will support procuring patent protection for identified Project Technology, Gecko may elect to defer the payment of an equal share of the Patent Costs (“Gecko’s Patent Costs”) for such identified Project Technology for a period of up to one (1) year (“Deferred Cost Sharing”). If Gecko does not provide payment of Gecko’s Patent Costs within the Deferred Cost Sharing time period, then Gecko will be deemed to have determined that it will not support procuring patent protection for the identified Project Technology and the provisions of Section 5.03 will apply to such identified Project Technology. 5.03 If a Party determines that it will not support procuring patent protection for identified Project Technology(“Non-Proceeding Party”), and the other Party determines that it...