§ 74-5066.2. Definitions.

As used in this act:

1.  "Commercial stage" means the point at which the product has advanced beyond the theoretical and prototype stage and is capable of being manufactured or reduced to practice commercially;

2.  "Intellectual property" means a patent, patent pending, trademark, copyright or trade secret;

3.  "Licensor" means the person who owns the intellectual property rights of a product;

4.  "Licensee" means the person to whom the intellectual properties related to a product have been licensed or assigned;

5.  "Person" means any individual, sole proprietor, partnership or corporation;

6.  "Product" means any device, technique or process;

7.  "Royalties" means all things of value received by a licensor in connection with the licensing, rental or sale of a product patented, patent pending, copyrighted or trademarked pursuant to federal law; and

8.  "Strategic alliances" means a business agreement such as licensing, joint venture partnership, etc., between two or more persons.

Added by Laws 1992, c. 246, § 3, emerg. eff. May 21, 1992.