The most important calls for non-exclusive agreements are increased opportunity exploitation and full market coverage. Although in both cases the licensee authorizes the donor to use its intellectual property in exchange for negotiated compensation, the exclusive and non-exclusive licenses relate to the degree of exclusivity granted to the taker. (a) a non-exclusive commercial license under PATENT RIGHTS and (d) LICENSEE provides Harvard, at HARVARD`s request, with written proof of this assurance. LICENSEE will notify harvard in writing at least fifteen (15) days before termination, non-renewal or substantial modification of this insurance; If LICENSEE does not have replacement insurance with comparable coverage within fifteen (15) days, HARVARD has the right to terminate that contract at the expiry of those 15 days without notice or additional waiting time. A creditor may grant a partner the exclusivity of interested parties to give them enough time to start a sales process on a list of target companies. The seller may revoke this exclusivity after a certain period of time and assign it to another partner. To encourage the registration of deals, incentives such as commissions or better product discounts can be used. It`s important to know the difference between exclusive and non-exclusive partnerships so that you choose the right deal for your business. (c) If, at any time after three years from the date of this agreement, HARVARD finds that the agreement should be denounced in accordance with paragraph 3.2 d). (e) LICENSEE manages this general commercial liability insurance beyond the expiry or termination of this agreement for (i) the period within which each product, procedure or service relating to or developed in accordance with this agreement is marketed or sold by LICENSEE, AFFILIATE or LICENSEE agent, and (ii) a reasonable period after the period covered by point e) (i) which must not be less than 15 years. (c) From the date on which such a product, procedure or service is marketed or sold (except for the purpose of obtaining administrative authorizations) by LICENSEE, THE AFFILIATE or the LICENSEE agent, LICENSEE will retain, at its own cost and cost, general commercial liability insurance amounting to at least USD 2,000,000 per incident and USD 2,000,000 per year. During clinical trials of such a product, process or service, LICENSEE will purchase and maintain, at its own cost and cost, general commercial liability insurance in the amount or to a lesser extent required by HARVARD, and will designate the compensation as additional insured.
This general commercial liability insurance provides (i) product liability coverage and (ii) full contractual coverage for LICENSEE`s compensation under this agreement. If LICENSEE chooses to insure all or part of the limits described above (including deductions or deductions greater than $250,000 per year), such a self-insurance program must be acceptable to HARVARD and the Risk Management Foundation of Harvard Medical Institutions, Inc.