Joint Development Agreement
This Joint Development Agreement (this “Agreement”) is entered into as of December 1, 2020 (the “Effective Date”) by and between AAA (“AAA”) and BBB (“BBB”) (collectively the “Parties” and individually as “Party”), for the purpose of joint development of new materials to be used in the automotive industries (hereinafter referred to as the “Materials”) as follows:
Article 1 Objective of Agreement
AAA and BBB shall cooperate with each other to develop the Materials at the AAA’s research facilities in the United States of America (hereinafter referred to as the “Development”).
Article 2 Sharing of Development
2.1 AAA and BBB shall perform the Development, using their own technology, information, data etc. in regard to the Development.
2.2 Each Party shall grant to the other Party a right to use any technical information disclosed to the other Party hereunder, the Party’s inventions and any and all of its intellectual property rights with respect hereto, in order to commercially exploit the Development.
2.3 Neither AAA nor BBB shall delegate any of the duties to be performed by each party pursuant to the preceding paragraph to any third party without the prior consent of the other party.
2.4 In case of the said delegation of the duties, the party which delegates the duties to a third party shall impose confidentiality obligation on the third party as same level as stipulated in Article 9.