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5
Intellectual Property Review Committee: In implementing this policy, the
Provost shall appoint a standing Intellectual Property Review Committee whose
functions shall include (1) reviewing policy provisions from time to time, as
needed, with recommendations for change or amendments to the Provost; and (2)
reviewing other issues as requested by the Office of the Provost or other
interested parties.
Dispute Resolution: When a dispute arises over the application or interpretation
of this policy, an ad hoc I.P. Dispute Resolution Committee shall be formed to
consider the issues and render a decision. The I.P.D.R. Committee shall consist
of three members of the College community – one chosen by the College
employee, one chosen by the College administration and one agreed to and
selected by the first two selected committee members. The I.P.D.R. Committee
may conduct a private hearing and formulate other reasonable and necessary
procedures to reach a majority decision in writing within sixty (60) days after
selection of the Committee. If either party is dissatisfied with the decision of the
Committee the party may appeal the Committee decision in the same manner and
to the same extent as the review provided under provision III.B.7.i. of the Faculty
Handbook. This appeal provision would apply as well to non-faculty College
employees who have a dispute arising under this I.P. policy.
Changes to Policy: The College reserves the right to change this policy from time
to time but only in accordance with the principles of Chapter III of the Faculty
Handbook that limit the retroactive effect of amendments. Amendments to this
policy would be presumed to have prospective effect as to all members of the
College community. Proposed changes will normally be discussed among the
vice presidents and deans and the Provost.
5.
Royalties
All revenues derived from the College-owned Intellectual Property including
electronic media will be received and administered by the Office of the Provost.
For each specific piece of Intellectual Property owned by the College, costs
incurred in the process of perfecting, transferring, and protecting the College
rights to the property paid by the College will first be deducted from the gross
income available before distribution. An accurate accounting of all such costs
shall be made available to the author/creator upon request. The distribution of net
proceeds (income less all costs including that of an agency engaged to provide
patent administration services) that is received from the College-owned
Intellectual Properties shall be shared equally between the creator and the College
absent agreement otherwise. The companies licensed to market or use Intellectual
Property.