discovery related to the scope of their employment which they have conceived or developed, or which has been conceived or developed under their direction during their university employment. 4. Any such invention or discovery (a) which is the result of research carried on by or under the direction of any employee of the University and/or having the costs thereof paid by university funds or from funds under the control of or administered by the University and (b) which has been developed in whole or in part by the utilization of university resources or facilities 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
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