Examples of IPR Act in a sentence
South African legislative contextInspired, in part, by the USA Bayh-Dole Act of 1980 and the United Kingdom (UK) Patent Law in 1978, South Africa adopted the IPR Act, which came into effect on 2 August 2010.
The stated objective ofthe IPR Act is that, “intellectual property emanating from publicly financed research and development is identified, protected, utilised and commercialised for the benefit of the people of the Republic, whether it be for social, economic, military or other benefit”.
Section 15(4)(a) of the IPR Act states that any R&D funded by a private entity or organisation on a full cost basis (i.e. all direct and indirect cost) shall not be deemed to be publicly financed R&D and the provisions of the IPR Act shall not apply.
The Intellectual Property Rights from Publicly Financed Research and Development Act (IPR Act), 2008,mandates the creation of OTTs at all institutions (26 HEIs and 11 science councils).
Some of their legislation and TT activities have been in place for over thirty years; however as indicated, in South Africa the IPR Act was only implemented fairly recently.
To this end, the IPR Act obligates recipients of public funds to: assess, record and report on the benefits of their work to society; and to ensure that IP emanating from publicly financed R&D becomes available to SouthAfrican citizens, or improves their quality of life, directlyor indirectly.
In accordance with the IPR Act the Indirect Cost Recovery Rate must be reviewed every second year and submitted for approval to NIPMO.
NIPMO has drafted various documents to assist stakeholders in the interpretation of the IPR Act.
A Task Team from the Finance Executive Forum (FEF) developed an approach that complies with the regulations of the IPR Act and that can be used by Universities as a basis for the calculation of indirect costs.
Institutions, including HEIs and those listed in Schedule 1 of the IPR Act, are required to have capability to perform TT activities, including the receipt, analysis and subsequent statutory protection of any identified IP (collectively referred to as IP management), aswell as all aspects of IP commercialisation, including concluding any IP transactions.