The University of Rhode Island Research Foundation was created and established for the benefit of the University and shall exercise its powers and carry on its business exclusively for such purposes that include but is not limited to:
The URI Research Foundation will actively pursue the commercialization of intellectual property under its management and control including any intellectual property that is transferred to or made available to the Research Foundation. Such commercialization activities and efforts will include promoting, working with and fostering intellectual property development in a manner consistent with its duties.
The URI Research Foundation, at its sole discretion, will fund research projects within the University for the purpose of building, developing or enhancing intellectual property and/or furthering the commercialization potential of intellectual property. Such funding may include cash, equipment, and other materials useful in advancing intellectual property or its commercialization.
The URI Research Foundation, in its sole discretion, will enter into business contracts and agreements with third parties in support of the overall purpose of the Research Foundation.
The URI Research Foundation may receive and accept sponsored research and development grants from third parties on behalf of the University. In exchange, the Research Foundation may be assigned intellectual property rights developed by and in conjunction with the University under such sponsored research and development grants.
Neither the URI Research Foundation nor the University will disclose or use any private, confidential, proprietary, or trade secret information provided from one to the other except as required in and by the terms of this Agreement.