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A3 Intellectual Property, etc.: In the sixth section—Right of Negotiation—of Appendix 3, please explain the royalty cap. Federal law prevents the predetermination of the value of any undisclosed, or, not yet invented, invention. In addition, a predetermined cap is in conflict with the referenced IRS rules.

1 Answer

If during the Exclusive Negotiation period the Research Institution believes that a Definitive License Agreement is subject to Internal Revenue Code Sections 103(b)(1), 141 or 145, then the Institution will notify BP and validate with certified financial statements.
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