Common use of Sharing of Revenues Clause in Contracts

Sharing of Revenues. 5.1 Subject to the terms of any third-party relationship established in accordance with section 4 hereto, where the University has at any time handled the protection and Commercialization activities relating to the Project Intellectual Property, all Net Proceeds related to the Commercialization of the Project Intellectual Property, whether the Project Intellectual Property be a Qualifying or Independent Project Intellectual Property, shall be allocated between the University and the Inventors in accordance with Article 27.18 (a), Article 27.18 (b), or Article 27.18 (c) as the case may be, of the CUFA Collective Agreement. 5.2 In the event the Commercialization of the Project Intellectual Property leads to the establishment of a legal person (body corporate) or other entity, whether incorporated or otherwise in any jurisdiction whether Canadian or foreign, (the “Company”) for the exploitation or licensing of the Project Intellectual Property, the University, the Inventor and any third party shall negotiate their respective participation in the Company. 5.3 All reporting and distribution of Net Proceeds as required under this Agreement and CUFA Article 27 shall be done in accordance with Article 27.19 of the CUFA Collective Agreement.