EXPLOITATION OF THE RESULTS. 16.1 Situation 1: Where collaborative analysis, validation and scientific inputs of AIIMS enables further scaling up and exploitation of the resultant Product/Technology, even if there is no Project IP, then the Parties shall agree to the benefit sharing mechanism that follows. The collaborating intitutes can engage a suitable mechanism for commercial exploitation with suitable terms and conditions agreeable with their own policies. If the collaborator is a Company, they will pay royalty of 2% (negotiated rate) of the annual revenue from the Net Sales of such resultant Product/Technology to AIIMS for a period of 7 years (negotiated duration) from the date of occurrence of the event of commercial exploitation. Royalty for each financial year shall be payable within 60 (sixty) days of close of corresponding financial year.
Appears in 2 contracts
Sources: Collaborative Research Agreement, Collaborative Research Agreement