Licensed Patent Rights definition
Examples of Licensed Patent Rights in a sentence
The Party controlling such defense shall consult with the other Party in advance regarding the defense strategy and arguments to be advanced, and shall consider in good faith the other Party’s reasonable and timely input, taking into account the other Party’s expertise in the Product and the potential impact of such strategy and arguments on prosecution, enforcement or defense of the Licensed Patent Rights or Marks inside or outside the Territory.
For the avoidance of doubt, Azurity’s assumption of responsibility for obtaining or maintaining any Patent Term Extensions pursuant to this Section shall not transfer to Azurity any ownership interest in the underlying Licensed Patent Rights or any such Patent Term Extensions, and all such rights shall remain the sole property of PolyPid.
PolyPid shall consider in good faith any reasonable and timely comments provided by Azurity in connection with PolyPid’s prosecution and maintenance of such Licensed Patent Rights and Marks in the Territory; provided that PolyPid shall retain final decision-making authority with respect to the filing, prosecution and maintenance of all Licensed Patent Rights and Marks unless Azurity assumes responsibility therefor as described below.
Azurity shall have the first right, but not the obligation, to initiate proceedings or take other action it believes appropriate, at its own expense, to enforce or defend the Licensed Patent Rights or Marks against any such Third Party with respect to such activities in the Territory (each, an “Enforcement Action”), using outside counsel reasonably acceptable to PolyPid (such acceptance not to be unreasonably withheld, conditioned or delayed).
All PolyPid Inventions shall be deemed included in Licensed Information, and any Patent Rights covering PolyPid Inventions shall be deemed included in Licensed Patent Rights.