SWIFT allows industry-sponsored research partners to lock in preferred licensing terms at the contract stage by paying an upfront Preferred Terms Fee.
The University at Buffalo values the mutual benefits of academic-industry collaborations and understands that efficient transactions and financial certainty are important to business. The SWIFT approach empowers both entities to set research and licensing terms at the project planning stage, reducing transaction time and eliminating lengthy, costly negotiations from the partnering process.
SWIFT offers businesses an opportunity to lock into preferred licensing terms with UB at the research planning stage. By paying an upfront Preferred Terms Fee equal to 10% of the contract budget or $15,000, whichever is greater, the industry sponsor is guaranteed an exclusive license with a preferred royalty rate: 1% after $50 million in cumulative net sales if market entry requires human trials and regulatory approval; 1% after $20 million in cumulative net sales for all other technology.
SWIFT terms include no license issue fee, no minimum annual royalties, and no due diligence milestones. Sublicensing is allowed and the company manages patent prosecution.
The Company, UB and the Principal Investigator will determine by mutual agreement if SWIFT is suitable for the project. University-owned background intellectual property is not included in the exclusive license terms, but requests for exceptions will be considered. The preferred licensing terms under SWIFT are available to university-industry research partners before a research project begins and before any actual intellectual property is created.