Vanderbilt's Commercialization Process: Monitoring
In order to support our mission of optimizing the flow of innovation to the marketplace while having a positive impact on society, it is necessary for CTTC to make sure that our licensees are fulfilling the promises they made in their License Agreement with us. Lack of compliance on the part of the licensee can take many forms, but often centers around obligations for diligently developing products based on the licensed technology, or for paying royalties and other fees that come due under the license.
The licensing officer assigned to the technology keeps in contact with the licensee after execution of the agreement, facilitates the receipt of all reports from that licensee, and verifies that all financial obligations and diligence provisions are met. In the event that the licensee is not in compliance with their License Agreement, CTTC’s compliance officer employs more proactive measures to bring the licensee in line with its obligations. If the issue cannot be easily resolved, the compliance officer, in conjunction with the licensing officer and the inventor(s), will work with the licensee to determine mutually workable arrangements that enable the licensee to help meet their obligations. These arrangements may include setting up a payment plan to help the licensee meet their financial obligations to Vanderbilt, setting new deadlines by which the obligations under the license might become due, or amending other terms and conditions as may be necessary and appropriate. For issues that cannot be resolved through negotiations, other means may be considered, such as initiating proceedings to terminate the license, collections, and even commencement of legal action in extreme circumstances. Such activities are not unilaterally made, and involve other parties, including the inventors and the Office of General Counsel.
<< Back to Licensing
