To obtain a license for the university to use an outside party's copyrighted material need to create a contract regardless of the cost of the license. This includes licenses that are offered for a nominal fee. Please contact your university contract office if you need a template agreement for this purpose.
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Intellectual property refers to creations of the mind: inventions, literary and artistic works, designs, symbols, names and images used in commerce. Federal and state laws grant the author/creator significant rights in their intellectual property, which can be assigned by the author/creator only by specific written language. A contract is required for services/intangible goods that involve intellectual property regardless of the cost of the contract.