Ownership of Ip and Ip Rights Clause Samples
The "Ownership of IP and IP Rights" clause defines who holds the legal rights to intellectual property (IP) created or used during the course of an agreement. Typically, this clause specifies whether IP developed by one or both parties—such as inventions, software, designs, or written materials—will be owned by the creator, jointly owned, or transferred to the other party. It may also address the handling of pre-existing IP and the assignment of rights or licenses for use. The core function of this clause is to prevent disputes by clearly establishing ownership and usage rights, ensuring both parties understand their entitlements and obligations regarding intellectual property.
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Ownership of Ip and Ip Rights. (a) Subject to the licenses set forth in Article 20.2 (License Rights), all Background and Foreground Intellectual Property made, developed, or created by Customer (or by others, other than Contractor or any Subcontractor, acting on behalf of Customer), and all Intellectual Property Rights therein, shall be the sole and exclusive property of Customer. The Parties agree the Statement of Work and Spacecraft Performance Specifications are the Intellectual Property of Customer.
(b) Subject to the licenses set forth in Article 20.2 (License Rights), all Background Intellectual Property and Foreground Intellectual Property made, developed or created by Contractor (or its Subcontractors), and all Intellectual Property Rights therein, shall be the sole and exclusive property of Contractor.
Ownership of Ip and Ip Rights