5.3 The Institution agrees to grant the Sponsor an option to negotiate an exclusive, worldwide, fee-based license to manufacture, use or sell in connection with an invention or discovery owned in whole or in part by the Institution, which has been manufactured or reduced during the term of this Agreement or within six (6) months thereafter, and which results directly from the conduct of the research within the framework of This is an agreement. with the right to sub-license with accounting at the university. The Sponsor has three (3) months from the disclosure of an invention or discovery to inform the institution of its desire to enter into such a license agreement and a license agreement is negotiated in good faith within a period not exceeding six (6) months after the Sponsor notifies the institution of its wish to enter into a license agreement. or a period on which the parties agree by mutual agreement. No impact on the interests of [PARTY A]. The right, title and interest of [PARTY B] in and to such modifications and other intellectual property rights that develop during the term of and in connection with this Agreement shall not affect [PARTY A`s] exclusive interest and ownership of the underlying intellectual property. There is a trade-off to get the intellectual property of your institute. If you work with them to develop a product, they can help you file patent applications through finance and labor. In the event that the parties fail to reach a mutually acceptable agreement within the time limit of the negotiations, the university is entitled to negotiate in good faith with one or more third parties an intellectual property license of the university and the university`s interest in common intellectual property. However, at the end of such negotiations and before granting a licence to such a third party on more favourable terms than those offered to the promoter, the university shall offer the promoter a licence under the same conditions. If the Sponsor is willing to obtain a license with the University on such terms, the License is granted to the Sponsor in place of that third party. 2.
Intellectual Property Rights – This is Appendix B to the long form of the sponsored search agreement used by UT Austin and which has been treated to make it useful as “insertion” or a number of provisions inserted into another agreement. . . .