Common use of University Innovations Clause in Contracts

University Innovations. The University shall be the sole and exclusive owner of University Innovations and of all Intellectual Property Rights therein, provided, however, that upon the occurrence of a Commercialization Event with respect to a University Innovation and/or a Product based thereon, the University agrees to assign to MSS all right and title to such University Innovation and/or Product and to all Intellectual Property Rights therein, subject to the University's right to share in Net Proceeds generated from the commercialization thereof in accordance with this Agreement. Each party agrees to execute documents, including but not limited to assignment documents, as reasonably requested by the other party to establish, confirm and perfect the other party's rights in accordance with the foregoing.