Common use of Intellectual Property Representation Clause in Contracts

Intellectual Property Representation. Each of the parties represents and warrants to the other that: (i) it owns all right, title and interest in its own technology; (ii) its technology does not infringe or constitute a misappropriation of any intellectual property rights of any third party; and (iii) it has not entered into any agreement inconsistent with this Agreement or has not otherwise granted to any third party any rights inconsistent with the rights granted to the other party under this Agreement. No rights to technology or proprietary data are created or transferred by this Agreement. VLI’s current technology, processes, equipment (other than the EQUIPMENT), procedures and technology it may develop during the term of this Agreement that is not the result of a joint development effort with FIBERSTARS, is and shall remain the exclusive property of VLI.