GMIP definition
Examples of GMIP in a sentence
GMIP shall pay LICENSEE (such payment not to exceed the recovery or settlement amounts GMIP actually receives) any unrecovered expenses LICENSEE pays at GMIP’s request to third parties in furtherance of such action, and GMIP shall further pay LICENSEE 98.5% of damages awarded as lost revenue of LICENSEE.
Should LICENSEE bring any claim, demand or other action against GMIP, its Directors, officers, employees or agents, arising out of this Agreement or the relationship between the Parties, LICENSEE agrees to bring said action only in a Commonwealth of Virginia Court or a Federal District Court in Virginia.
GMIP represents and warrants that it is a Virginia, Non-stock Corporation operating as a non-profit under Section 501-C-3 of the federal tax code.
If GMIP elects to institute any such action or suit, LICENSEE agrees to be named as a nominal party therein.
Should GMIP fail to require the third party to pay fifty percent (50%) of the total past and future patent costs in the licensed territory under said license, the remaining unrecovered costs, or fifty percent (50%) less the percentage a third party is required to pay under said License, shall be creditable against royalties owed to GMIP under this agreement.
Such data shall be provided on a confidential basis, provided, however, that if such third party concludes a license with GMIP, such third party shall be free to use such data for all purposes, including to obtain government approvals to sell products.
Notwithstanding the foregoing, LICENSEE may state that it is a licensee ofGMIP and GMIP may state that LICENSEE is a licensee ofGMIP.
The company uses GMIP Value only to calculate Guaranteed Minimum Income Payments.
These obligations include duties to disclose and assign such inventions, discoveries and computer software to GMIP.
The Owner may elect to start Guaranteed Minimum Income Payments only during a GMIP Election Period.