(a) the property. All inventions, discoveries, developments and improvements made, designed or reduced by the executive under this agreement (“work product”) become the exclusive and exclusive property of the company, whether this work product is patentable or copyrighted, or reduced to practice or learned by the executive alone or in conjunction with others. As a general rule, the work of an independent contractor is the property of the contractor and not the company. An exception is that it is considered a “work for rent” described in the next section. All rights to inventions and discoveries resulting from research under this agreement, with the exception of the “Other Inventions” mentioned above, belong to the institution and are eliminated in accordance with the institution`s policy. To the extent that the proponent bears all costs associated with filing, prosecuting, issuing and maintaining the relevant patents, the proponent is granted the right to negotiate, within six (6) months, an exclusive global license for other inventions designed and reduced to practice during the research project or designed during the research project and reduced to practice within six (6) months. This license must include reasonable conditions and royalties and requires careful monitoring on the part of the promoter of the commercial development of these other inventions. In the event that other inventions are designed during this project but are not effectively reduced to practice, such a licensing agreement may also include a provision for the effective reduction of the practice within a reasonable time, either by the sponsor or by the institution under the funding by the sponsor. Intellectual property developed together. If the parties jointly develop intellectual property, the parties negotiate in good faith to determine their respective rights. In the event that the parties cannot agree on such jointly operated property, each party will have the same ownership and rights over that intellectual property, without further obligation and accountability to the other party.