Common use of Solely-Owned IP Clause in Contracts

Solely-Owned IP. Each party or its designee shall own all right, title and interest in any inventions or discoveries, and all Intellectual Property rights relating to such inventions or discoveries, Conceived or Reduced to Practice by that party’s or its Affiliates’ employees, agents or independent contractors (or Conceived or Reduced to Practice jointly with any Third Parties under an obligation to assign such Intellectual Property rights covering such inventions or discoveries to that party or its designee) under or in the course of the Funded Project and/or exercising its license rights hereunder (“Solely-Owned IP”), subject to the licenses granted by that party to the other party hereunder.