Examples of Background Property in a sentence
Seller shall grant to Buyer a world-wide, exclusive, fully paid-up royalty-free license in the heating, ventilation, ventilation, air conditioning, and refrigeration industry to make, use, and sell Buyer products incorporating or using all or any of such Background Property or Property for the term of this Agreement.
Customer acknowledges and agrees that this Agreement shall not affect the ownership of, nor convey any licenses or rights under any of the Intellectual Property Rights in Flex’s Background Property, either expressly, impliedly or otherwise to Customer or any other third party.
The parties have entered into this Agreement to jointly and collaboratively organize NEWCO in the State of California for the purposes of exploiting and commercializing MCOA’s Background Property in conjunction with GCR’s Background Property; and to develop and conduct business and products by and through NEWCO in the legal Marijuana business in California State.
MCOA’s Background Property includes a best efforts commitment to raise up to one and one half million dollars ($1,500,000) USD for NEWCO, and the Parties intend to use this financing for all operational costs, experimental studies and plans, commercialization, marketing and sales related to NEWCO and the Project Venture Plan.