Technology transfer or what is commonly known as 'licensing' usually works in the manner that would afford permission to someone who intends to generate further profits and revenues by using the licensed technology and rights and who is willing to share said profits and revenues with the owner. Here, the owner of some rights or the 'licenser' would be the one to give the permission for the exploitation of his- or her own intellectual property creation. This permission or 'license' in its most widely used terminology, is granted to the licensee is given or conferred to someone, who is usually called the 'licensee'. Before the technology is transferred through licensing, it is a standard procedure for the parties to enter into a technology transfer or license agreement. This license agreement is generally codified in a document signed and executed by both parties.
The issue of initial entitlement to an intellectual property right arises from the creation of the invention onwards. The party or parties entitled to such ownership of intellectual property may deal with their rights, disposing of them by assignment or allowing third parties to act within the scope of the monopoly, by granting them license to do so.
In order to set up a management of successful collaborative research agreement, it is necessary to know the aims and objectives of each party. Industry and universities have varying aims and objectives. It is therefore imperative that all the parties should specify and indicate their precise aims and objectives in connection to the proposed collaboration or partnership and to create an outline or rough draft of the framework which gives rise to them.
The parties should attempt to foresee and anticipate what each would like to do with the probable results and outcomes and any related advantages and benefits from the said collaboration or partnership. It is suggested that the parties should undertake to arrive at a compromise or agreement as regards the degree and extent to which some or all of the intellectual property results should remain private and confidential. They should also agree with respect to the issue of who would own any intellectual property generated in the course of the research.
Most universities establish their policy or regime on intellectual property by stating therein the philosophy behind its ownership giving emphasis on the institution's objective and purpose in recognizing, cultivating and commercially exploiting scientific discoveries and creations of their faculty member. This is to make clear that the accomplishment and development of research is for the advantage and benefit of the public in general, the university, the inventor or researcher and the research sponsor.
As regards the relationship between the university and the faculty member-inventor, the property ownership regime with respect to the research made or the invention lies on the agreement between them. However, it is essential