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.