Situation 2 Sample Clauses

Situation 2. Exploitation and benefit sharing shall be in accordance to the provisions given below where AIIMS is the owner of the Background IP and/or the Project IP. If the collaborating Party is a Company, it will have the first right of refusal regarding the commercial exploitation of the resultant Product unless agreed otherwise between the parties. The Minimum Annual Royalty (MAR) shall be applicable amounting to Rs. …………………shall be applicable from the first sale of the product(s). (Please retain the aspect if relevant). If the Company collaborator intends to transfer or sell/ assign the Product’s interests to any third party, it shall take prior written permission from AIIMS and AIIMS will recover the due Royalty amount at the applicable percentage of the net resultant income excluding tax and actual expenses incurred towards maintenance of related IP rights, as certified by the Chartered Accountant. The Parties can also negotiate a one time payment of lumpsum Royalty based on a minimum Annual Royalty (MAR) for a specific time period, in lieu of the annual Royalty Payment as stated above, that can be agreed to at any time before the event of exploitation. In case of non-payment of Royalty, without prejudice to any other rights under this Agreement, the amount can be recovered by AIIMS through procedures available in Law. (Additional points can be added by the parties here on account of case based requirement)
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Related to Situation 2

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