PLEASE READ THIS CAREFULLY! You ("Innovator”) and LEO Innovation Lab ("Challenge Sponsor”) are entering into this Challenge-Specific Agreement ("CSA”) for this particular incentive-based competition ("Challenge”) only. In order to participate in this Challenge, Innovator must accept these terms, and therefore should take the time to understand them.
By entering, Innovator agrees that: (i) all Submissions become Challenge Sponsor's property and will not be returned; and (ii) Challenge Sponsor and its licensees, successors and assignees have the right to use any and all Submissions, and the names, likenesses, voices and images of all persons appearing in the Submission, for future advertising, promotion and publicity in any manner and in any medium now known or hereafter devised throughout the world in perpetuity.
All intellectual property rights, if any, and all inventions, patents, patent applications, designs, copyrights, trademarks, trade secrets, software, source code, object code, processes, formulae, ideas, methods, know-how, techniques, devices, creative works, works of authorship, publications, and/or other intellectual property (“Intellectual Property”) developed by Innovator as part of the Submission will remain with Innovator, subject to the following condition:
If Challenge Sponsor notifies Innovator that Submission is eligible for a Prize, Innovator will be considered qualified as a finalist (“Finalist”). Finalist must agree to grant to the Challenge Sponsor a royalty-free, exclusive, worldwide license in respect of all such intellectual property rights, if any, for the purposes of commercial exploitation of the idea or concept demonstrated by the Submission. Notwithstanding granting the Challenge Sponsor a perpetual, exclusive license for the submission, Finalist retains ownership of the submission.