Common use of Intellectual Property Rights of the Parties Clause in Contracts

Intellectual Property Rights of the Parties. No party claims by virtue of this Agreement any right, title, or interest in (a) any issued or pending patents, copyrights, or other intellectual property, owned or controlled by another party or (b) any previous invention, process, computer software, or product of another party, whether or not patented or patentable. Consistent with UNIVERSITY’S intellectual property (IP) policy, any IP created by sponsoring one or more of the UNIVERSITY’s personnel would be UNIVERSITY’s IP and the MEMBER can get a non-exclusive royalty free license to the IP for internal research purposes only. The MEMBER will receive an option to negotiate a commercial license for the IP.