Faculty Handbook & Constitution - Lee University

_LEE UNIVERSITY FACULTY HANDBOOK & CONSTITUTIONUniversity and will, except where a grant, contract or SRA specifies otherwise,be distributed successively as follows: 1) Reimbursement to the University forall direct expenses related to prosecuting and maintaining Intellectual Propertyprotection, and marketing and securing licenses, such as fees for outside legalcounsel and other experts, if required; 2) reimbursement to the inventor(s) ofany costs related to the research, development, and production of theinvention, if required; 3) and of the remainder, 50% to the Inventor(s) orAuthor(s), 45% to the University, and 5% to the Inventor’s or Author’sCollege, School or Program.3. Where there is more than one Inventor or Author, distribution shall be proratedaccording to the contribution of each as may be agreed in writing between theparties. If an agreement cannot be reached, then the matter will be resolvedin accordance with section IX, Dispute Resolution.4. Royalties are payable to Authors only upon actual receipt by the University. Inthe case of the death of an Inventor or Author, all Royalty distributions whichwould have been due such person shall be paid to his or her estate.VIII. Waiver of University RightsA. Time for Review1. Inventors and Authors shall receive the written decision of the University’sintention to pursue or release rights to ownership within 45 days of the date offormal submission to the Vice President for Academic Affairs.2. If the University decides to pursue rights to ownership within the 45 days, theUniversity shall investigate the possibility of financial support for the patentingprocess. A final decision on funding will be given within 90 days of the datethe invention disclosure form was submitted. If, at the expiration of 90 days,the University has not secured full patent application funding, ownership ofthe invention will revert to the Inventor(s); however, the university mayrequest an extension from the Inventor(s) to obtain patent application funding.3. In order to ensure that valuable patent rights are not lost during the reviewperiod by the University, the Inventor will be given the opportunity and maychoose, at his/her own expense, to pay for the costs of filing a provisionalpatent application or full patent application. A provisional patent applicationcan be prepared by the inventor(s). Full patent application will be made usingan attorney that specializes in patent law and patent preparation. If theUniversity thereafter determines to proceed with seeking patent protection, itwill reimburse the Inventor(s) for all payments made. If the Universitydetermines not to proceed with the Invention, the University will release theInvention to the Inventor(s) as described below.B. Release of Invention to Inventor(s)The University may determine that an Invention will not be patented, and will notbe licensed or otherwise commercialized by the University. In those cases, theVice President for Academic Affairs will cause ownership rights to be waived bythe University except in cases where a conflict with the university mission isclaimed.7 - 35 Academic Policies and Procedures