Common use of Program IP Clause in Contracts

Program IP. Any Patent Rights (“Joint Patents”) and Know-How invented jointly between the Parties during the Term relating to Product shall be owned jointly by the Parties (“Program IP”). Any Patent Rights and Know-How invented solely by a Party relating to the Product shall be solely owned by such Party, provided that any Product IP invented solely by Company shall be jointly owned. Company agrees to assign and hereby assigns to Company and Licensor, as joint owners, all of Company’s rights, title and interest in and to any Product IP that is solely invented by Company or its Affiliates or Sublicensees or its or their contractors, to the extent legally possible, and shall take all actions and execute all documents reasonably required by Licensor to perfect or register Company’s and Licensor’s joint interests therein. Company shall obtain from such Affiliates, Sublicensees and contractors equivalent present assignments of such Affiliates’, Sublicensees’ and contractors’ rights, title and interest in any Product IP and promptly assign the same to Company and Licensor, as joint owners, and provide written notice thereof to Licensor.