Common use of Protection Of Joint Project Intellectual Property Clause in Contracts

Protection Of Joint Project Intellectual Property. LICENSOR shall have sole discretion on decisions related to and shall manage Joint Project Intellectual Property. The Parties shall equally divide all costs associated with obtaining and maintaining any such rights including legal fees, patent application fees and patent maintenance fees. In the event that either Party declines to obtain or maintain any such right in a particular Joint Project Patent, the other Party may assume all responsibility and all further costs associated with that Joint Project Patent and the Party declining to obtain or maintain shall assign its title to that Joint Project Patent to the other Party. In the event of such assignment, the grant in section 2.03 to the party declining to obtain or maintain any such rights shall convert from an exclusive license to a non-exclusive license.