ORC will negotiate a formal license agreement with a partner (or partners) determined
to be well equipped and well positioned to commercialize the technology and maximize
its impact. We negotiate terms benefiting all parties involved: the inventor, the
University, the partner, and the public—and we always retain the right to use an invention
for noncommercial purposes at Texas Tech and elsewhere.
What's in a License?
Some important elements of a license agreement include provisions governing the scope
of the license (exclusive or nonexclusive), the breadth of the field, the reporting
and diligence obligations of the licensee to Texas Tech, and royalty considerations
payable to Texas Tech to ensure that the University and the inventors are fairly compensated
for the value they have created.
Office of Research Commercialization
Administration, 2625 Memorial Circle, Suite 367, MS 2007, Lubbock, TX 79409-2007