Establishing an Effective Royalty Audit Process for University IP Licenses

Our session leaders from Global Royalty Audits, Inc. will discuss:

• Setting the stage: Advice for drafting royalty parameters and auditing expectations at the get-go
• Creating a monitoring system to spot red flags early-on and maintain good relations with licensees
• Steps for undertaking an internal audit and notifying licensee of action(s) while maintaining confidentiality
• Using your audit policies and monitoring system to create a paper trail in the event of an external audit or litigation
• When to engage outside auditors — is it worth taking this step? Sometimes yes, sometimes no.
• Nuances for auditing international agreements and agreements with research sponsors
• Resolution of audit procedures.   Program leaders share examples of courses of action and past outcomes.

Establishing an effective royalty audit process begins with assessing contract language to ensure terms are defined properly, employing a solid monitoring system, and creating clear polices to back it all up.

It’s a fact that royalties can and do get lost in translation, misinterpretation, error, confusion, and lack of oversight. Getting your royalty audit process right can help you avoid potential disputes while maintaining friendly, cooperative relationships with licensees. It can also preserve tens or even hundreds of thousands of dollars that might otherwise slip away from your TTO.

That’s why we’ve recruited two highly experienced royalty audit professionals to lead this critical session.

Program Leaders