Negotiation Right definition
Examples of Negotiation Right in a sentence
If the Negotiation Period expires before University receives the Sponsor’s written notice exercising the Negotiation Right or as provided below, the Sponsor shall have no further rights to the Intellectual Property.
Sponsor has 90 days following disclosure of an Intellectual Property by the University to exercise its Negotiation Right (the “Negotiation Period”).
The Sponsor must submit a written notice to the University, within the Negotiation Period, in order to exercise their Negotiation Right.
Sponsor is only obligated to pay expenses incurred and noncancelable obligations that have accrued up to the date that University terminates Sponsor’s Negotiation Right.
Notwithstanding the above, the Negotiation Right shall not be in effect and may not be exercised by Tenant: (i) during any period of time that Tenant is in Default under any provision of this Lease; or (ii) if Tenant has been in Default under any provision of this Lease 3 or more times, regardless of whether the Defaults are cured, during the 12 month period prior to the date on which Tenant seeks to exercise the Negotiation Right.
Further, if Sponsor and University have not negotiated a mutually agreeable license agreement on or before twelve months from the disclosure of the Intellectual Property by the University, then University may, in its sole and unfettered discretion, terminate Sponsor’s Negotiation Right.
Grantor hereby grants to Grantee a continuing right of first negotiation (the “Negotiation Right”) for the purchase of the Park Property as well as a continuing right of refusal (the “Refusal Right”, and together with the Negotiation Right, the “First Rights”) for the purchase of the Park Property all on and subject to the terms and conditions set forth herein.
If Sponsor has not begun good faith, substantive negotiations with University for an option or license to such Intellectual Property within 90 days of the date of Sponsor’s exercising its Negotiation Right in accordance paragraph 8(b), the University may, in its sole and unfettered discretion, terminate Sponsor’s Negotiation Right.
For the avoidance of doubt, except as set forth in this Section 13.1, nothing in this Agreement will be deemed to restrict the activities of KHK or its Affiliates in (i) the Option Negotiation Right Field, or (ii) within the Field in the Rest of the World.
The Negotiation Right is personal to Tenant and is not assignable without Landlord’s consent, which may be granted or withheld in Landlord’s sole discretion separate and apart from any consent by Landlord to an assignment of Tenant’s interest in this Lease, except that the Negotiation Right may be assigned in connection with any Permitted Assignment of this Lease.