A licence is a legal agreement whereby the owner of intellectual property grants specific rights to another party allowing use of the intellectual property, whether that be through manufacturing it, selling it, or further developing it. In return, the licensee remunerates the University in the form of royalties, a portion of which will be paid to the academic.
Licences can be granted on an exclusive (to one partner only), or non-exclusive basis (to many partners). Furthermore, they can be limited geographically or to particular applications of the technology and are predominantly granted for access to University patents or copyright. In all instances, the University’s IP and Legal team in conjunction with the business development team must handle the negotiations and contractual arrangements. Academics are not authorised to sign licencing contracts according to University policies.
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