Common use of Joint Project Intellectual Property Clause in Contracts

Joint Project Intellectual Property. If Sponsor does not exclusively license USC’s interests in any Joint Project Intellectual Property, the parties shall upon the request of either party negotiate in good faith to reach agreement on the joint management of such Joint Project Intellectual Property, including the patenting and commercialization thereof. In the absence of the parties entering into such an agreement, each party may exploit or license its own interest in the Joint Project Intellectual Property without accounting to the other and either party may apply for patent protection, provided that all such applications must be joint and the filing party will bear all costs and will include the non-filing party on all communications with the patent office.