Common use of Securing Patent Rights Clause in Contracts

Securing Patent Rights. The Party owning Intellectual Property created in the performance of a product or service shall have the first right to file patent applications and obtain and maintain patents covering inventions made in the development or implementation of the product or service. In the event that such Party does not file patent applications covering such patentable or potentially patentable inventions promptly after receiving a written request from either of the other Parties, the Party making the request shall have the right, at its option and its cost, to file such patent applications and obtain and maintain patents covering such inventions. In such case, (a) such first Party shall assign to the requesting Party all its right, title and interest in the relevant invention and any resulting patents and cooperate with the requesting Party in filing such patent applications and obtaining such patents, and (b) the requesting Party shall grant such first Party a perpetual, royalty-free, worldwide, nonexclusive license to make, use, offer for sale, sell, import and otherwise practice such invention for its business purposes, including the right to authorize third parties to do the foregoing for such first Party's business purposes.