Common use of Initial Right Clause in Contracts

Initial Right. VBI shall have the first right to prepare, file, register, prosecute, and maintain all VBI Patents in the Licensed Territory and shall bear the costs associated therewith. VBI shall retain patent counsel suitable to coordinate and direct the filing and prosecution of VBI Patents both in and outside of the Licensed Territory and shall keep Brii Bio fully informed of progress with regard to the preparation, filing, prosecution, and maintenance of the VBI Patents in the Licensed Territory. Specifically, VBI shall: (A) provide Brii Bio with a draft of any filing of a patent application at least ten (10) days prior to filing and VBI shall consider in good faith any comments or revisions suggested by Brii Bio or its counsel; (B) consult with Brii Bio regarding filing strategy and Regions where VBI Patents should be filed and maintained; (C) promptly provide Brii Bio with a copy of each patent application as filed, together with a notice of its filing date and application number; (D) provide periodic status reports to Brii Bio regarding the status of each patent application or patent in each VBI Patent family in the Licensed Territory; (E) provide Brii Bio with a copy of any examiner’s report that raise substantive patentability issues and consult with Brii Bio regarding responding to the same and shall consider in good faith any comments, strategies, and the like proposed by Brii Bio; and (F) promptly notify Brii Bio of the issuance of a VBI Patent in the Licensed Territory.

Initial Right. VBI shall have the first right to prepare, file, register, prosecute, prosecute and maintain all VBI Patents in the Licensed Territory mainland China and shall bear the costs associated therewith. VBI shall retain patent counsel suitable registered to coordinate practice before the Chinese patent and direct the filing and prosecution of VBI Patents both in and outside of the Licensed Territory trademark office and shall keep Brii Bio fully informed of progress with regard to the preparation, filing, prosecution, prosecution and maintenance of the VBI Patents in the Licensed Territory. Specifically, VBI shall: (A) provide Brii Bio with a draft of any filing of a patent application at least ten (10) days prior to filing and VBI shall consider in good faith any comments or revisions suggested by Brii Bio or its counsel; (B) consult with Brii Bio regarding filing strategy and Regions where VBI Patents should be filed and maintained; (C) promptly provide Brii Bio with a copy of each patent application as filed, together with a notice of its filing date and application serial number; (D) provide periodic status reports to Brii Bio regarding the status of each patent application or patent in each VBI Patent family in the Licensed Territory; (E) provide Brii Bio with a copy of any examiner’s report that raise substantive patentability issues and consult with Brii Bio regarding responding to the same and shall consider in good faith any comments, strategies, and the like proposed by Brii Bio; and (F) promptly notify Brii Bio of the issuance of a VBI Patent in the Licensed Territory.

Initial Right. VBI shall have the first right to prepare, file, register, prosecute, prosecute and maintain all VBI Patents in the Licensed Territory and shall bear the costs associated therewith. VBI shall retain patent counsel suitable to coordinate and direct the filing and prosecution of VBI Patents both in and outside of the Licensed Territory and shall keep Brii Bio fully informed of progress with regard to the preparation, filing, prosecution, and maintenance of the VBI Patents in the Licensed Territory. Specifically, VBI shall: (A) provide Brii Bio with a draft of any filing of a patent application at least ten (10) days prior to filing and VBI shall consider in good faith any comments or revisions suggested by Brii Bio or its counsel; (B) consult with Brii Bio regarding filing strategy and Regions where VBI Patents should be filed and maintained; (C) promptly provide Brii Bio with a copy of each patent application as filed, together with a notice of its filing date and application number; (D) provide periodic status reports to Brii Bio regarding the status of each patent application or patent in each VBI Patent family in the Licensed Territory; (E) provide Brii Bio with a copy of any examiner’s report that raise substantive patentability issues and consult with Brii Bio regarding responding to the same and shall consider in good faith any comments, strategies, and the like proposed by Brii Bio; and (F) promptly notify Brii Bio of the issuance of a VBI Patent in the Licensed Territory.