Common use of Shared Ownership Clause in Contracts

Shared Ownership. Income derived from intellectual property with shared ownership shall be distributed in accordance with a written agreement between the bargaining unit members and the College. In the absence of a written agreement, the income shall be distributed thirty percent (30%) to the College and seventy percent (70%) to the author/creator/inventor/artist. The author/creator/inventor/artist shall be responsible for notifying the appropriate Vice President of engagement in any intellectual property effort and executing a written agreement of joint ownership with the College before beginning any effort which results in the production of royalties. Failure to execute a written agreement with the College shall not deprive the College of its rights to 30% of the royalties generated from all intellectual property.