Common use of Transfer of Intellectual Property Rights Clause in Contracts

Transfer of Intellectual Property Rights. The PARTIES agree as follows regarding the transfer of the intellectual property rights hereunder. The Supplier agrees to transfer exclusively for the use within the Region the title, ownership to the intellectual property rights, including Know-how, patents and the source codes of all the application software of the SYSTEM, which he owns, to the Buyer once the following conditions are fulfilled. The intellectual property rights, including Know-how, patents and the source codes of all the application software of the SYSTEM which Supplier owns then transferred from the Supplier to the Buyer shall be up-to-date and being used in the SYSTEM: 32.1 The Buyer has paid the Supplier an aggregated sum of US$150 million (one hundred and fifty million) (including payments that have been made for the special equipment of Ituran system, System licensing fee, software licensing fee, etc.) 32.2 Upon the completion of the transfer, the BUYER will own the title, ownership to the intellectual property rights, including Know-how, patents and the source codes as mentioned above. The transferred intellectual property rights shall only be used in the Region, and shall not be used for any commercial purpose or any other purpose, outside the Region. The supplier shall retain full title and ownership to the intellectual property rights outside the Region.