Common use of Licensed Patent Rights Clause in Contracts

Licensed Patent Rights. Ramot and Predix shall consult each other regarding the preparation, filing and prosecution of all patent applications, and the maintenance of all patents, included within the Licensed Patent Rights, including, without limitation, the content, timing and jurisdiction of the filing of such patent applications and their prosecution, and other details. Predix shall be responsible for preparing, filing, prosecuting, obtaining and maintaining, at its sole cost and expense, using patent counsel reasonably acceptable to Ramot, all Licensed Patent Rights, in the name of Ramot, with the goal of obtaining and maintaining the Licensed Patents in a manner that will provide the maximum economic advantage and return to the Parties under this Agreement. Predix: (i) will provide Ramot with a copy of any proposed patent application within such Licensed Patent Rights for review and comment reasonably in advance of filing, and (ii) will keep Ramot informed of the status of such filing, prosecution and maintenance, including, without limitation, by providing Ramot with copies of all communications received from or filed in patent office(s) with respect to such filing, and by providing Ramot, a reasonable time prior to taking or failing to take any action that would affect the scope or validity of any such filing (including the substantially narrowing, cancellation or abandonment of any claim(s) without retaining the right to pursue such subject matter in a separate application, or the failure to file or perfect the filing of any claim(s) in any country), with prior written notice of such proposed action or inaction so that Ramot has a reasonable opportunity to review and comment. Predix shall not take any such action that would affect the scope of validity or any such filing without the prior written consent of Ramot. If Predix fails to undertake the filing(s), prosecution, protection and/or maintenance of any patent application, patent or submission within the Licensed Patent Rights, without the prior consent of Ramot, all claims included in such patent applications, patents and/or submissions shall be deemed Valid Claims within the Licensed Patent Rights for purposes of Section 1.17 until such times as the relevant patents would have expired had they continued to their fullest term.

Appears in 4 contracts

Samples: License Agreement (Predix Pharmaceuticals Holdings Inc), License Agreement (EPIX Pharmaceuticals, Inc.), License Agreement (Predix Pharmaceuticals Holdings Inc)

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