§ 15-4-1404 - Authority of board. - Arkansas Statutes

15-4-1404. Authority of board.

(a) The Board of Trustees of the University of Arkansas, on behalf of the Center for Prototype Development and Emerging Technologies, may:

(1) Enter into contracts on a competitive-bid basis or noncompetitive-bid basis, consistent with state laws and regulations, with public and private agencies, institutions, organizations, and individuals for the purpose of providing assistance to and services for inventors as required by this subchapter;

(2) Solicit the support and contribution of public and private agencies, organizations, institutions, and individuals;

(3) Receive and administer funds for the purpose of operating the inventors' assistance program;

(4) Advertise and promote the inventors' assistance program;

(5) Adopt policies and procedures to implement the provisions of this subchapter; and

(6) Acquire security interests in intellectual property to the extent necessary to protect the state's interest in the fees charged pursuant to 15-4-1406.

(b) The board, on behalf of the center, is authorized to enter into a written contract with each center employee which shall include provisions designed to protect the confidentiality of inventors' proposals and to prohibit the employee from using information gained at the center to compete with or disadvantage any inventor.