Common use of Ownership of New Inventions Clause in Contracts

Ownership of New Inventions. The parties agree that any and all New Inventions (whether or not they are patentable, copyrightable or otherwise protected under existing or future intellectual property rights) shall be entirely and exclusively owned by VUSA and are hereby entirely and irrevocably assigned (including all patents and copyrights) by ABC and the PIBCs to VUSA without reservation or further obligation or consideration that in any way relate to or arise out (i) of the use or access to the Confidential Information (specifically including but not limited to the Specifications and means of manufacturing human source leukocytes), trade secret or patent (including any unissued patent applications) or (ii) to any VUSA or Viragen current or contemplated product. VUSA will have the sole right to determine the treatment of such New Inventions, including the right to keep it as trade secrets, to file and execute patent applications on it, to use and disclose it without prior patent application, to file registrations for copyright or trade or other marks in its own name, or to follow any other procedure that VUSA deems appropriate. VUSA shall have the right to a worldwide, sublicenseable and exclusive, or at its election non-exclusive, license on commercially reasonable terms to any or all rights ABC or the PIBCs may have in all other New Inventions.