I provide various IT solutions that are based on a bunch of algorithms that I've set up that I then tailor to whichever company I work with.
Each time they run the algorithm it produces a report that they sell, I then get paid for each report completed.
Verbally agreed that the Intellectual Property remains mine, even if I enhance my algorithms whilst working with XXX.
I've had the contract through and it stipulates:
"Intellectual Property
1. The Contractor shall have a royalty free, non-exclusive, non-transferable licence to use XXX’s Intellectual Property as necessary to enable the Contractor to render the Services under this Contract.
2. Any Intellectual Property created or developed by the Contractor under this Contract shall be owned by the Contractor subject to a royalty free, non-exclusive, non-transferrable licence to use any such Intellectual Property by XXX in its businesses."
Does anyone know what the implications of the second part of point 2 means? - "subject to a royalty free, non-exclusive, non-transferrable licence to use any such Intellectual Property by XXX in its businesses."
If I enhanced the algorithm using XXX's IP would that then mean I lose my rights to charge? (I don't think it does, but want to make sure)
Thanks in advance for any help.
Each time they run the algorithm it produces a report that they sell, I then get paid for each report completed.
Verbally agreed that the Intellectual Property remains mine, even if I enhance my algorithms whilst working with XXX.
I've had the contract through and it stipulates:
"Intellectual Property
1. The Contractor shall have a royalty free, non-exclusive, non-transferable licence to use XXX’s Intellectual Property as necessary to enable the Contractor to render the Services under this Contract.
2. Any Intellectual Property created or developed by the Contractor under this Contract shall be owned by the Contractor subject to a royalty free, non-exclusive, non-transferrable licence to use any such Intellectual Property by XXX in its businesses."
Does anyone know what the implications of the second part of point 2 means? - "subject to a royalty free, non-exclusive, non-transferrable licence to use any such Intellectual Property by XXX in its businesses."
If I enhanced the algorithm using XXX's IP would that then mean I lose my rights to charge? (I don't think it does, but want to make sure)
Thanks in advance for any help.
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