- (a) The Institute shall share in the financial benefit received by the grant recipient resulting from the patents, royalties, assignments, sales, conveyances, licenses and/or other benefits associated with the project results. Such payment may include royalties, income, milestone payments, or other financial interest in an existing company or other entity.
- (b) The Institute's election as to form of payment and the calculation of such payment shall be specified in the grant contract.
- (c) Unless otherwise provided by the contract between the Institute and the grant recipient, payments to the Institute required by this section shall be made no less than annually pursuant to a schedule set forth in the contract and shall be accompanied by an appropriate financial statement supporting the calculation of the payment.
- (d) Nothing herein shall affect or otherwise impair the application of federal laws for projects receiving some portion of funding from the U.S. Government.
Source Note:The provisions of this §703.17 adopted to be effective August 1, 2010, 35 TexReg 6656.