Examples of Lead IP Party in a sentence
The Joint IP Committee shall appoint a Lead IP Party for each Program Invention which is part of the Collaboration IP, taking into consideration the capabilities of each Party’s IP department and each Party’s specific expertise with respect to the relevant Program Invention.
The Non-Lead Party shall, as reasonably requested by the Lead IP Party, assist the Lead IP Party and the Lead IP Party’s external patent counsel (if applicable) in the preparation, filing, prosecution and/or maintenance of Joint Patents and/or, if applicable, any other Collaboration IP, and the Parties shall cooperate with one another jointly to maintain the Joint Patents and/or, if applicable, any other Collaboration IP in force.
Unless otherwise agreed in writing, the Lead IP Party shall be responsible during the Term of the Agreement.
Any material submission by the Lead IP Party to any patent/intellectual property offices in relation to such Joint Patent Right shall require the other Party’s prior written consent (which shall not be unreasonably withheld or delayed).
Upon request of the Lead IP Party, the other Party shall give the Lead Party all reasonable assistance in any such Infringement Proceeding.
In case actions need to be taken during such dispute period to prevent Joint Patents from going abandoned, the Lead IP Party shall have final decision-making authority taking into due account the dispute and making efforts to keep status quo to the extent possible.
The Lead IP Party is only authorized to act within the frames of the overall IP strategy as adopted by the Joint IP Committee and all other decisions of the Joint IP Committee pertaining to the governance of the Collaboration IP.
The Lead IP Party is hereby granted by the other Party (the Non-Lead Party) a power of attorney to conduct all such acts which rest with the Lead IP Party as specified in these terms.
If the Divesting Party’s share of a Collaboration Product is divested to a Third Party following a successful completion of a Divestment Process, the Non-Divesting Party will, unless otherwise agreed with the Third Party, be the Lead IP Party (as defined below) for any Collaboration IP going forward.
The Joint IP Committee shall convene with no less than [***] weeks’ notice unless shorter notice is required under the circumstances, for example in order to allow the Lead IP Party necessary time to act towards the authorities.