Once a company expresses interest in acquiring rights in a technology, one of three things may happen. First, a company may want to tie-up the technology for a short period of time so they can evaluate it further. In this case, an option agreement is entered into. Second, a company may prefer to work out the financial terms for a license agreement (term sheet). The term sheet can be worked out during the option agreement or separately. Third, in order for a company to maintain rights for a longer period of time to a technology and for a company to sell products based on the technology, a license agreement must be entered into. The license agreement will incorporate terms from the term sheet as well as other rights and responsibilities. The execution of a license is just the beginning of a long-term relationship between OHSU and the licensee.
The assigned Technology Development Manager will handle all negotiations and will do their best to keep the inventor(s) informed as much as possible. Any questions or comments or concerns may be shared with the Technology Development Manager at any time.