Common use of IPRs Clause in Contracts

IPRs. 12.1 The Company and the Manager respectively warrant to the other that it owns, or has a licence to use, all of the IPRs it requires in order to perform its obligations under this Agreement. 12.2 Subject to clause 12.3 neither the Company nor the Manager respectively shall acquire any right, title or interest in or to the IPRs of the other Party. If either such Party acquires, by operation of law, title to IPRs of the other Party such IPRs shall be assigned by it to the other Party on the request of the other Party, whenever that request is made. 12.3 The Company and the Manager respectively hereby grant to each other a royalty-free, non-exclusive, non-transferable licence during the term of this agreement to use each other’s IPR solely to the extent necessary for performing the Services in accordance with this agreement. Such Parties shall not use the licensed IPR for any other purpose. 12.4 In the event of the termination or expiry of this agreement, the licences referred to in clause 12.3 shall terminate automatically and the Company and the Manager respectively shall deliver to each other all papers and documents in its control in its possession or control subject to and in accordance with the requirements of clauses 6.6 and 6.7 above.