Licensing proposals are developed by staff over the counter, using their experience and access to similar proposals that have been implemented in the past. The contribution of inventors, especially in the fields of invention, is very important to ensure that all technology markets are addressed. The final approval of the conditions of licence and the execution of the licence agreements resulting therefrom are the responsibility of direct agreement or other authorized representatives of the university. The licensing process may include the execution of a confidentiality agreement prior to the exchange of confidential information on innovation. An option agreement can be entered into in order to give a potential taker some time to fully assess interest in a technology, without taking the risk of losing the technology to a competitor. Negotiations for a licensing agreement will result in a legal treaty that will define the rights and obligations of the contracting parties. The financial conditions will be such that the university as a whole obtains a fair value for its technology. The conditions are structured in such a way that the lessee is not subject to such a burden that his ability to successfully develop a product is compromised. Under U.S. law and without agreement to the contrary, any person, if there are co-inventors at other universities, can exploit the patent without financial accounting to the other. For this reason, the university usually negotiates an interinstitutional agreement with the other university in order to be able to commercialize the invention jointly with appropriate academic rights. Such a negotiation is separate from the license transaction, but often very relevant to its outcome.
It will be interesting to see the impact of this agreement at UNC as well as its adoption in other universities. The main objective of the university in granting an invention license is to maximize the likelihood that products based on the invention will arrive on the market in a timely manner. . . .