Common use of SOLE INTELLECTUAL PROPERTY Clause in Contracts

SOLE INTELLECTUAL PROPERTY. 10.1 For a period of twelve months from the Completion Date (the “License Option Period”), Company shall have a preferential right to elect, by written notice to University, to receive from University a license to the applicable Sole Intellectual Property of University. In the event that Company elects to exercise such preferential right, the Parties shall discuss, for a period of up to three months from the date of such election, which may be extended upon agreement between the Parties, the terms and conditions, including the license fee or royalty, payable by Company to University pursuant to such license. If the Parties cannot reach an agreement on the terms and conditions of the license within said three-month period, University may grant to any third party an exclusive or non-exclusive license to the relevant Sole Intellectual Property of University.

SOLE INTELLECTUAL PROPERTY. 10.1 For a period of twelve months from the Completion Date (the “License Option Period”), Company shall have a preferential right to elect, by written notice to University, to receive from University a license to the applicable Sole Intellectual Property of University. In the event that Company elects to exercise such preferential right, the Parties shall discuss, for a period of up to three months from the date of such election, which may be extended upon agreement between the Parties, the terms and conditions, including the license fee or royalty, payable by Company to University pursuant to such license. If the Parties cannot reach an agreement on the terms and conditions of the license within said three-month period, University may grant to any third party an exclusive or non-exclusive license to the relevant Sole Intellectual Property of University.University.15