Employer Commercialization of Intellectual Property

Commercialization Report – The Employer shall remit to the Employee(s) not later than 30 June each year a Commercialization Report outlining all actions taken with respect to Commercialization during the previous fiscal year, and a statement reporting all expenditures and income forming the calculation of Net Income for the previous fiscal year. (Art. 33.15(f))

Commercialization by the Employee – Where the Employee is responsible for Commercialization, the Employee agrees to remit to the Employer a sum equal to 25% of the Net Income resulting from Commercialization activities in excess of the first $10,000 which shall accrue to the Employee. Employees agree to submit a report containing an outline of Commercialization activities and a statement of all expenses and gross income for the previous fiscal year by 30 June. (Art. 33.16(a))