Patent Rights Owned Jointly Clause Samples

Patent Rights Owned Jointly. Subject to the licenses granted in this Agreement, all Joint Patent Rights shall be fully exploitable by both Parties without the consent of the other Party and without the need by either Party to account to the other Party for such exploitation. At the reasonable written request of a Party, the other Party will grant such consents in writing and confirm that no such accounting is required to effect the foregoing regarding any such jointly-owned Patent Rights. Subject to in all events to the rest of this Section 16, the Handling and enforcement of any Joint Patent Rights will be jointly managed by the Parties on mutually agreeable terms to be entered into by the Parties at the time any such Joint Patent Rights are first filed, and all recoveries and out-of-pocket costs and expenses arising from those activities, absent further agreement, will be shared equally by the Parties (provided that sufficient advance written notice of any such costs or expenses is given to the Party not incurring same), provided that if either Party elects not to pay any such costs or expenses for any such Patent, the Parties will meet and agree upon an equitable way to treat such Patent. In the event that one Party desires to proceed with any Handling or enforcement of a Joint Patent Right, and the other Party does not, then the Party desiring to proceed may proceed with such action at the proceeding Party’s expense, and the proceeding Party may abandon such activities at any time without the consent of the other Party.
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