Examples of Option B in a sentence
If, in good faith, the Parties do not reach an agreement and finalize an exclusive license agreement within six (6) months from the date of disclosure of Intellectual Property to Sponsor, University will have no further obligation to the Sponsor and will be free to license Intellectual Property to one or more third parties, provided that Sponsor shall retain its Option B Non-Exclusive License.
In consideration for the Option B Non-Exclusive License, Sponsor will pay University a fee of either ten percent (10%) of the Total Agreement Price or seven thousand five hundred U.S. dollars ($7,500.00), whichever is greater (the “Option B Non-Exclusive License Fee”), within thirty (30) days of execution of the Agreement.
Sponsor has ninety (90) days, from the date Intellectual Property is disclosed to Sponsor, to exercise its Option B Option (the “Option B Option Election Period”).
Clause 2.3.2 shall apply in the case of Option A and Clause 2.3.3. in the case of Option B.
Option- Option B: Customer ownership of all New IPR with limited Contractor rights to all New IPR in order to deliver the Agreement.