A Massachusetts Exclusive License Agreement between Iowa State University Research Foundation, Inc. and emerge Interactive, Inc. is a legally binding contract that grants emerge Interactive, Inc. the exclusive rights to utilize, develop, and commercialize a particular research innovation or intellectual property owned by Iowa State University Research Foundation, Inc. within the state of Massachusetts. Keywords: Massachusetts, Exclusive License Agreement, Iowa State University Research Foundation, emerge Interactive, intellectual property, commercialize, innovation 1. Overview of the Massachusetts Exclusive License Agreement In this document, we will provide a detailed description of the Massachusetts Exclusive License Agreement between Iowa State University Research Foundation, Inc. and emerge Interactive, Inc. This agreement is designed to outline and protect the rights and interests of both parties regarding specific intellectual property developed or owned by Iowa State University Research Foundation, Inc. 2. Purpose and Scope The purpose of this agreement is to grant emerge Interactive, Inc. the exclusive license to utilize, develop, and commercialize the intellectual property owned by Iowa State University Research Foundation, Inc. within the geographical boundaries of Massachusetts. The scope of the agreement aims to restrict any other entities or organizations from accessing or utilizing the designated intellectual property without emerge Interactive's consent. 3. Exclusive Licensing Rights Under this agreement, emerge Interactive, Inc. gains exclusive rights to use and commercialize the intellectual property covered within the agreement. These rights enable emerge Interactive, Inc. to develop and market products, services, or technologies derived from the licensed intellectual property exclusively within Massachusetts. 4. Term and Termination The Massachusetts Exclusive License Agreement establishes the duration of the agreement, typically including a specific term period. Additionally, it outlines the provisions for termination, including conditions under which termination may occur, such as breach of contract or failure to meet certain obligations. 5. Royalties and Financial Considerations This section defines the financial aspects of the agreement. It usually includes provisions for royalty payments, upfront fees, milestone payments, or any other financial obligations emerge Interactive, Inc. may have towards Iowa State University Research Foundation, Inc. These payments are typically calculated based on revenue generated from the licensed intellectual property within Massachusetts. 6. Reporting and Record-Keeping The agreement specifies the reporting obligations of emerge Interactive, Inc. towards Iowa State University Research Foundation, Inc. These may include periodic updates on product development, sales, financial performance, or any other relevant information. Additionally, the agreement may require emerge Interactive, Inc. to keep accurate records of their activities related to the licensed intellectual property. Types of Massachusetts Exclusive License Agreements between Iowa State University Research Foundation, Inc. and emerge Interactive, Inc.: 1. Technology Exclusive License Agreement: In this type of agreement, Iowa State University Research Foundation, Inc. grants emerge Interactive, Inc. exclusive rights to a specific technology developed or owned by the university within Massachusetts. These agreements are common when the technology has significant potential for commercialization. 2. Patent Exclusive License Agreement: This agreement provides emerge Interactive, Inc. with exclusive rights to develop and commercialize a patented invention or innovation owned by Iowa State University Research Foundation, Inc. within Massachusetts. It ensures that no other entity can market or utilize the patented technology within the state without emerge Interactive's consent. By entering into a Massachusetts Exclusive License Agreement, Iowa State University Research Foundation, Inc. facilitates the transfer of its intellectual property to emerge Interactive, Inc., allowing them to harness its commercial potential in the Massachusetts market while ensuring mutually beneficial terms and conditions.
Massachusetts Exclusive License Agreement between Iowa State University Research Foundation, Inc. and eMerge Interactive, Inc.
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