Common use of Sale of Intellectual Property Clause in Contracts

Sale of Intellectual Property. Funds received by the College from the sale of intellectual property owned by the College shall be allocated and expended as determined solely by the College. Funds received by the faculty member from the sale of intellectual property owned by the faculty member shall be allocated and expended as determined solely by the faculty member. Funds received by the faculty member and by the College from the sale of intellectual property owned jointly by the faculty member and the College shall be allocated and expended in accordance with the specific agreement negotiated by the faculty member and the College concerning such jointly owned intellectual property.

Sale of Intellectual Property. Funds received by the College college from the sale of intellectual property owned by the College college shall be allocated and expended as determined solely by the Collegecollege. Funds received by the faculty member employee from the sale of intellectual property owned by the faculty member employee shall be allocated and expended as determined solely by the faculty memberemployee. Funds received by the faculty member employee and by the College college from the sale of intellectual property owned jointly by the faculty member employee and the College college shall be allocated and expended in accordance with the specific agreement negotiated by the faculty member employee and the College college concerning such jointly owned intellectual property.