Valid Claims Royalty Sample Clauses
The Valid Claims Royalty clause defines the obligation to pay royalties on products or services that are covered by one or more valid patent claims. In practice, this means that royalties are only due when a product, process, or service actually falls within the scope of a patent claim that is enforceable and has not been invalidated or expired. For example, if a licensee sells a product that is protected by a valid patent claim, they must pay the agreed royalty; if the claim is later found invalid, royalties may no longer be owed. This clause ensures that royalty payments are tied to the actual value and enforceability of the licensed intellectual property, protecting both parties from unfair or unnecessary payments.
POPULAR SAMPLE Copied 1 times
Valid Claims Royalty. Company shall pay to University [***] percent ([***]%) of Net Sales by Licensed Entities of Licensed Products in countries in which the Licensed Patents include a Valid Claim. Royalties due under this Section 3.C.i will be payable on a country-by-country and Licensed Product-by-Licensed Product basis until the expiration of the last-to-expire of the Licensed Patents covering such Licensed Product in such country.
Valid Claims Royalty. 1. [***]
2. [***]; provided, however, that in no event, including the above described reductions on payments of Net Sales of Sublicensees and any offsets, will the Valid Claims Royalty paid to University be reduced to below [***] of Net Sales of Valid Claim Licensed Products.
Valid Claims Royalty. In country (ies) in which a Licensed Product is covered by a Valid Claim, Company will pay to University:
(a) [***] for the portion of such annual Net Sales that are less than [***];
(b) [***] for the portion of such annual Net Sales that are [***]; and
(c) [***] for the portion of such annual Net Sales that are greater than [***]. Royalties due under this Section 3.B.i will be payable until the later of (i) the expiration of the last-to-expire Valid Claim(s) covering such Licensed Product in such country or (ii) the expiration of any period of regulatory exclusivity for any Licensed Product obtained as a result of Valid Claims (e.g., orphan drug designation).
Valid Claims Royalty. In country(ies) in which a Licensed Product is covered by a Valid Claim, COMPANY will pay to MAYO:
i. [***] on the portion of annual Net Sales that are less than [***]
ii. [***] on the portion of annual Net Sales that are between [***]
iii. [***] on the portion of annual Net Sales that are greater than [***]
Valid Claims Royalty. Subject to Section 3.B.ix, with respect to a Valid Claim Licensed Product in the country of sale (all such Royalties, in the aggregate, the “Valid Claims Royalty”):
(1) [***]
(2) [***] [***].