This Agreement is entered between Michigan Technological University, having its principal place of business at 1400 Townsend Drive, Houghton, MI 49931, (hereinafter referred to as “Michigan Tech”), ___________________________________________________________ (hereinafter referred to as “Community Partner.”). Both parties may be referred to in this agreement collectively as Parties or Partners); WHEREAS, Michigan Tech is the sole and exclusive owner of a trademark registration to: Innovation Shore (the “Trademark”); and WHEREAS, Community Partner is interested in partnering with Michigan Tech and regional stakeholders regarding use of the Trademark by the Community Partner for promotional purposes that are mutually beneficial and subject to established standards. NOW, THEREFORE, in consideration of the mutual interests of the Parties and their individual or collective efforts to promote the upper peninsula region, as well as all other promises and agreements set forth herein, the Parties, each intending to be legally bound do hereby promise and agree as follows.
I. License Grant
Michigan Tech hereby grants Community Partner a non-exclusive license to use the Trademark for promotional and advertising purposes of mutual benefit to both Parties. Community Partner may conduct such use without the prior approval of Michigan Tech provided that Michigan Tech reserves the right to object to any use, in its sole discretion and that Community Partner hereby agrees to discontinue such use upon written notice of objection by Michigan Tech to Community Partner.
Community Partner agrees to maintain appropriate standards of quality and handiwork as to the Trademark and acknowledges that if the Trademark is used inappropriately, Michigan Tech’s substantial goodwill in the Trademark will be irreparably impaired.
II. Term
The term of this Agreement shall be for as long as the Trademark is active. Either Party may terminate this Agreement or the license granted herein upon thirty (30) days written notice to the other Party.
Community Partner
BY CLICKING “ACCEPT, YOU CONFIRM THAT YOU HAVE READ THE TERMS AND CONDITION , THAT YOU UNDERSTAND THEM AND THAT YOU AGREE TO BE BOUND BY THEM.”
