Upon approval of Michelson Grant proposals, and as a condition of funding, applicant institutions are required to enter into grant contracts with the Foundation that include:
- Applicant’s agreement to submit quarterly progress reports and a final grant report in accordance with Foundation policies and procedures.
- Applicant’s agreement to comply with the Foundation’s Policy for Animals Involved in Research and to host annual scheduled site visits and intermittent (unannounced) animal welfare site visits to verify work performed, facilities and animal care/use as described in the proposal.
- Applicant’s grant to the Foundation of the first option for an exclusive license (with right to sublicense) to make, have made, sell, offer for sale, import and use product(s) resulting from Michelson Grant-funded research in areas of interest to the Foundation, including pre-negotiation of a royalty rate on inventions resulting from Michelson Grant-funded research and any background intellectual property necessary to the manufacture of such a product, and for a license to background intellectual property rights of the licensor that are required to exercise a license on product(s) resulting from Michelson Grant-funded research.
- Applicant’s agreement to negotiate in good faith the terms of the optional license on terms and conditions that reasonably compensate the Applicant if such a product is approved for sale while recognizing the Foundation’s mandate to inexpensively make such products available in certain markets.