§ 231.1593 — Commercialization revenue: Authority of Executive Director to enter into agreement for allocation with research university or Desert Research Institute; deposit in Account

Nevada § 231.1593

• Jurisdiction: Nevada
• Title 18: STATE EXECUTIVE DEPARTMENT
• Ch. 231: Economic

Text

1. The Executive Director may enter into agreements, when the Executive Director deems such an agreement to be appropriate, with the research universities and the Desert Research Institute for the allocation of commercialization revenue between the Office, the research universities and the Desert Research Institute. Any commercialization revenue received by the Office pursuant to such an agreement must be deposited in the Knowledge Account created by NRS 231.1592 .
2. In consideration of the money and services provided or agreed to be provided by the Office, the research universities and the Desert Research Institute shall agree to allocate commercialization revenue in accordance with any agreement entered into pursuant to subsection 1.
3. As used in this section, “commercialization revenue” means dividends, realized capital gains, license fees, royalty fees and other revenues received by a research university or the Desert Research Institute as a result of commercial applications developed as a result of the programs established pursuant to NRS 231.1591 to 231.1597 , inclusive, less:
(a) The portion of those revenues allocated to the inventor; and
(b) Expenditures incurred by the research university or the Desert Research Institute to legally protect the intellectual property.

Legislative History

(Added to NRS by 2011, 3438 ; A 2013, 2751 )