Common use of LICENSING OPTION Clause in Contracts

LICENSING OPTION. In the event that the Application for the Invention is filed in any jurisdiction, the Partner has the exclusive option to elect from the following licenses by notifying in writing to the University within a certain period after the filing date for such Application as set forth in Article 15 (the “Option Period”). The University and the Partner shall enter into the license agreement after the discussion of the commercially reasonable terms and conditions within three (3) months after exercise of the option. a non-exclusive, non-transferable, royalty-bearing license without the right to sub-license (in a designated field of implementation), the Partner to implement the Intellectual Property Rights for the Invention in Japan and/or any other countries elected by the Partner, provided that the Partner agrees to (i) demonstrate reasonable efforts to commercialize the Invention in the public interest and (ii) pay all prosecution and maintenance costs in all countries, including Japan, in which the Partner is granted a non-exclusive license right under this paragraph; or an exclusive, non-transferable, royalty-bearing license with the right to sub-license (in a designated field of implementation), the Partner to implement the Intellectual Property Rights for the Invention in Japan and/or any other countries elected by the Partner; provided that the Partner agrees to (i) demonstrate reasonable efforts to commercialize the Invention in the public interest and (ii) pay all prosecution and maintenance costs in all countries, including Japan, in which the Partner is granted an exclusive license right under this paragraph .