belonging to the University shall be assigned to the University or a university designated non- profit organization established for its benefit. In other situations, the Patent Committee should determine if the University has an interest in the invention or discovery. Releases shall be executed by the Patent Administrator when the Patent Committee rules that the University has no interest in the patent or does not desire to pursue the patenting of the invention. 5. The Patent Committee shall cause each invention or discovery to be investigated in order to determine the interest of the University and, if the Patent Committee determines that the University has an interest in the invention which it desires to pursue, it shall undertake to obtain a patent on the invention. In determining whether or not the University has an interest in the invention, the Committee shall consider the benefits that might accrue to both the University and the inventor. The Patent Administrator and the Patent Committee are responsible to act within six (6) months of official notification by the inventor/discoverer for the purpose of protecting the property rights of the inventor and the University. Failure to act within the six (6) month’s time will serve as a release of the University's interest in the invention. 6. As further consideration for the assignment rights set forth herein, the University agrees to pay annually to the inventor, his heirs and assigns, fifty percent (50%) of the royalties, fees, or other financial returns received by the University from such invention after a deduction of fifteen percent (15%) thereof for overhead costs, plus a deduction for all costs of patenting and protection of patent rights (incurred by the University). Recoupment of any unusual expenses paid by the University, or the inventor may be allowed by the Patent Committee on patents assigned to the University or to a university-designated non-profit organization established for its benefit. After these specified disbursements are made, all remaining financial returns from patents realized by the University are to be placed in the general fund of the University for distribution by the Budget Committee giving primary consideration to the University Research Fund administered by the Vice President for Academic Affairs and Provost. 7. The above policies shall not preclude the properly designated university officials from approving and executing research proposals, contracts, grants, and consulting agreements from or with the United States Government or its agencies, from or with corporations, or from or with individuals wherein the University's patent interest and the patent interest of the researcher, with his/her approval, are at variance with the above paragraphs; and the terms of said contracts, grants, and agreements shall prevail. Any of the above university officials may refer said proposals, grants, contracts, or agreements to the Patent Committee for recommendations prior to approval. To the extent the provisions of these proposals, contracts, grants, and agreements permit, the University shall administer such patents so as to make them broadly available in the public interest. This may be accomplished through non-exclusive licensing on a royalty-free, or on a reasonable royalty basis. Exclusive licensing may be utilized for limited periods when further development is needed or investment or risk capital is not readily available, or there is no other incentive for the development of the invention. 8. This statement of policy shall not apply to copyrights except as they may pertain to inventions covered by this policy. This policy shall not apply to commercial ventures, joint ventures, or agreements to which the University is a party or shall become a party in the future. An example
of such excluded ventures is the agreement existing for the creation, operation, and management of the University of North Alabama Laboratory of Applied Technology.
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