Invention or Discovery definition
Examples of Invention or Discovery in a sentence
CH shall own all right, title and ownership in any New Invention or Discovery; provided, however, that any such New Invention or Discovery shall be deemed to be licensed to Immtech under and subject to the exclusive license agreement then in effect between Immtech, UNC-CH and any other parties thereto, as the case may be, as such license agreement may be amended, superceded or replaced from time to time (the "Existing License Agreement").
The University, consistent with the University's patent policy, will offer Sponsor the first opportunity to enter into a royalty-bearing license agreement to practice such New Invention or Discovery, by exercise of the option provided for in Section 8.C. Such license shall be exclusive and worldwide except for those countries in which patents are valid and enforceable for which Sponsor does not reasonably assume out-of-pocket costs associated with obtaining and maintaining Letters Patent therein.
For New Inventions or Discoveries developed solely by University, the University or its designee, consistent with the University’s technology transfer policies, will offer Sponsor the first option to enter into a royalty-bearing license agreement to obtain an exclusive, royalty-bearing license to all rights in such New Invention or Discovery, which must be exercised within sixty (60) days of Sponsor’s receipt of notice of such invention.
Notwithstanding any other provision of this Article 8, at such time as the New License Agreement has not been executed and UNC-CH concludes that further efforts to complete and execute the New License Agreement would be futile, then upon fifteen (15) days prior written notice to Immtech from UNC-CH, Immtech shall have no further license rights to any New Invention or Discovery.
The notice shall provide a full written description of New Invention or Discovery.
Sponsor shall have ninety (90) days after such notice to exercise the option to obtain the license identified in Section 8.B with respect to the identified New Invention or Discovery by written notification to the University.
In the event CMI fails to exercise its right of first refusal within this one (1) year period, CCF is unrestricted in its right to commercialize such New Invention or Discovery with no further obligation to CMI.
The University shall promptly notify Sponsor, in writing, of any New Invention or Discovery.
A failure by the Sponsor to timely notify University shall be deemed a waiver of the Sponsor's option but only with respect to the identified New Invention or Discovery and not to other New Inventions or Discoveries subject to this Agreement.
If CMI commercializes such New Invention or Discovery, CMI shall pay CCF a royalty based upon the relative contribution of parties and commercial value of such New Invention or Discovery, according to the terms of a licensing agreement to be negotiated and executed prior to the grant of any license by CCF to CMI.