Commercialization definition
Examples of Commercialization in a sentence
Other than as stated in this Agreement THI makes no representation or warranty and specifically disclaims any guarantee that the Commercialization of the Product in the Field of Use in the Territory will be successful, in whole or in part.
THI has the sole legal and/or beneficial title to and ownership of the Intellectual Property as is necessary to grant the License to Cumberland pursuant to this Agreement for Joint Commercialization by Cumberland as intended by this Agreement, and the Intellectual Property are free and clear of any liens, encumbrances or third-party rights (including without limitation, the right to receive royalties or other compensation).
Furthermore, THI undertakes that to the extent that Cumberland, its Affiliates, or any Sublicensee requires a license under any additional patents or related intellectual property rights controlled by THI for the Commercialization of the Product in the Territory, THI shall grant such license to Cumberland, its Affiliates, and any Sublicensee on a non-exclusive royalty-free basis.
Cumberland further represents, warrants, and covenants to THI that Cumberland and Cumberland Indemnitees, contractors and vendors will conduct any and all activities, including any Commercialization activities, under this Agreement in compliance with applicable laws using commercially reasonable efforts and in accordance with the terms of this Agreement.
Within thirty (30) days following the Effective Date, the Parties shall establish a joint (50/50) Commercialization committee (“Committee”).