Common use of Joint Works Clause in Contracts

Joint Works. Unless the Parties agree otherwise, the Parties will jointly own all right, title and interest in any inventions and all Intellectual Property Rights therein which have been jointly created by the Parties during the term of this Agreement (“Joint Works”). Each joint owner shall have an equal and undivided ownership interest in the Joint Works, with the right to use, license and sublicense the Joint Works as part of its own products and services as though it were the sole owner thereof, without any obligation of profit-sharing or accounting or requirement for consent of the other party. Except as permitted by the prior sentence, neither Party may license, sublicense or assign its rights in a Joint Work to a third party for use with products or services that compete with the other Party’s products and services without the prior permission of the other Party. The Parties shall use their respective reasonable effort to allocate ownership rights to any Joint Work prior to commencing any joint development work.