Common use of Release of Rights Clause in Contracts

Release of Rights. 1. The president or designee may elect to disclaim the University’s interest in an invention at any point. In the event of a disclaimer, the University will facilitate a unit member’s efforts to obtain prompt determinations on the part of interested parties regarding their exercise or release of rights with respect to the invention. If all interested parties also release or disclaim interests, the University shall transfer any rights it has in the invention to the unit member. Unless otherwise agreed in writing by the president or designee, in the event of such a transfer, the costs incurred by the University or on its behalf shall be assessed against the future revenues received by the unit member. In addition, unless otherwise agreed, the University will be entitled to 12.5 percent of net proceeds, and the invention shall be available royalty-free for University use. 2. If the University offers or sells a patent to an invention or other rights to an invention, the agreement with the third party purchaser shall incorporate the provisions of this article regarding the unit member’s share of the net proceeds unless a written agreement signed by the unit member specifies otherwise.

Release of Rights. 1. The president or designee may elect to disclaim the University’s interest in an invention at any point. In the event of a disclaimer, the University will facilitate a unit member’s efforts to obtain prompt determinations on the part of interested parties regarding their exercise or release of rights with respect to the invention. If all interested parties also release or disclaim interests, the University shall transfer any rights it has in the invention to the unit member. Unless otherwise agreed in writing by the president or designee, in the event of such a transfer, the costs incurred by the University or on its behalf shall be assessed against the future revenues received by the unit member. In addition, unless otherwise agreed, the University will be entitled to 12.5 percent of net proceeds, and the invention shall be available royalty-free for University use. 2. If the University offers or sells a patent to an invention or other rights to an invention, the agreement with the third party purchaser shall incorporate the provisions of this article regarding the unit member’s share of the net proceeds unless a written agreement signed by the unit member specifies otherwise.