It is customary for AfroLand to receive monetary compensation from licensees (e.g., licensing fees, milestone payments, royalty payments and/or equity) in consideration of engaging into a business relationship. AfroLand shares this income with sponsors in accordance with AfroLand royalty sharing policy, providing appropriate recognition and rewards for their participation and ingenuity.
In addition to the intellectual and personal satisfaction and personal financial rewards that come with seeing your investor’s rights for commercial development, a licensing agreement may also be coupled with funding for the continuation of projects.
ROYALTY POLICY
Investments made by investors in the line of AfroLand’s duty or with the use of AfroLand facilities may be patented in order to protect and benefit Afro Union and the public. Title to such patents is to be assigned to AfroLand. The cost of acquisition of such patents shall in no instance be borne by AfroLand.
It is the policy of AfroLand that such patents be used for the public benefit. If there are innovations or discoveries that result in the filing of patent applications and the acquisition of patents, AfroLand intends to serve the public interest by prudent and appropriate efforts to transfer the technology to those who will facilitate public use. When this result is achieved by the licensing of an invention or patent, income and/or equity may accrue to AfroLand under terms negotiated at the sponsor's discretion.
Where income is derived from such licensing, AfroLand and the sponsor, collectively, will receive 50% of the income received by AfroLand after the deduction of 1.) unreimbursed external expenses associated with obtaining, maintaining, licensing and/or enforcing the patent or rights associated with the investment; and 2.) the share of the income owed by AfroLand to a third party pursuant to an income-sharing agreement between AfroLand and the third party. In the event of multiple investments in a license agreement, AfroLand shall receive a proportion of that income according to AfroLand internal procedures.
Where equity is derived from such Investment, AfroLand will make no distribution of equity to investors, but will make the distribution set forth in the previous sentence from the proceeds of the orderly sale of the securities at such times and in such amounts as determined in the sole discretion of AfroLand in accordance with the Royalty policy, after the further deduction of brokerage and related expenses incident to the sale of the securities.
Investors may opt, by means of a charitable donation to the AfroLand Central Foundation devision, to have all or any part of their share of the net income to be applied to support research of their choosing within Charity. The Charity will then match the amount contributed by the investor for the research, on a dollar-for-dollar basis, so as to provide total research support from such income up to 50% of the net income received by AfroLand. Investors who elect to contribute may subsequently elect instead to retain their share of the net income from future royalties.
The remainder of the income derived by AfroLand from the licensing or Investments, after payment of the investors' shares will be applied to the furtherance of instruction. AfroLand retains the right not to pursue the filing of any investment application, and not to pursue commercialisation of any investment. In that event, AfroLand may choose to assign the investment to any potential candidates if that is consistent with its legal obligations.
All Investors shall sign a Patent, Copyright, and non disclosure Agreement assigning their rights to patents or investments that they may make in the line of their duties, or with any use of AfroLand facilities. A copy of the agreement may be obtained from Human Resources or the AfroLand Records Office.
Investors who work on governmental or industrial projects undertaken by AfroLand are required to sign such supplemental agreements as are necessary to enable AfroLand to fulfil its contractual obligations in regard to patents.
All Investors shall report to AfroLand immediately any innovation or discovery that might reasonably be considered to be of a patentable nature and that arises in the line of their duties, or as the result of any use of AfroLand facilities. This obligation is not intended to interfere with the prompt publication of research results.
Investments made by investors outside the line of AfroLand duties on the investment's own time without any use of AfroLand facilities are not the property of AfroLand. Patents from such investments should be administered so as not to involve AfroLand name.
It is important that investor’s disclose to AfroLand any funding from an agency of any foreign Country that may relate to investments. AfroLand has reporting obligations regarding such investments to the funding agency, and must grant a license to the government for its own use.
Any dispute concerning this policy or the distribution of royalties shall be resolved by appeal to the Provost.
AfroLand places no restrictions on the rights or activities of Postdoctoral Scholars and Research Faculty in their subsequent careers after they leave AfroLand. If departing Research Faculty or Postdoctoral Scholars require access to research data, computer programs, material samples, biological specimens or other research materials that they helped develop while at AfroLand, AfroLand will negotiate with them to provide continuing reasonable access to such materials, appropriate to the circumstances and consistent with its legal requirement to maintain originals of data and other results arising from sponsored research.
