About GITAM deemed to be UNIVERSITY:
Gandhi Institute of Technology and Management, popularly known as GITAM, is an institute of higher education with campuses at Visakhapatnam, Hyderabad and Bangalore in India. It was established in 1980 at Visakhapatnam, it is affiliated to Andhra University. In 2007, it conferred the status of deemed university under section 3 of UGC Act of 1956. It was the first private engineering institute in Andhra Pradesh to receive university status. The University offers 200+ programs at undergraduate, postgraduate, and doctoral levels in technology, pharmacy, science, management, architecture, international business and law.
About ASPIRE-BioNEST at the University of Hyderabad (UoH)
ASPIRE (Association for Scientific _Pursuits in Innovative Research Enterprises) is a section-8, not-for-profit organization that manages the innovation and entrepreneurial vertical of the University of Hyderabad, as institute of eminence, through incubation of startup companies in various disciplines of science and technology. ASPIRE promotes startups conducting innovative and translational research, conducts conferences on innovation, fosters local development and employment through incubatees, support activities related to technology-based innovation, promotes Technopreneurship among students and faculty, and sets up incubators, technology parks, and growth phase centers at the University of Hyderabad. Currently TBl from DST, BioNEST from DBT, and TIDE from MEiTY — (Ministry of Electronics and Information Technology) under collaborative mode at the University of Hyderabad are being managed by ASPIRE.
BioNEST Bi incubators Nurturing Entrepreneurship in Scaling J_echnologies) at the University of Hyderabad is a life sciences incubator is set-up that provides a plug-and-play life science ecosystem of incubation in association with the support of the Biotechnology Industry Research Assistance Council (BIRAC), a Government of India Enterprise under Department of Biotechnology, Ministry of Science & Technology, governed by the ASPIRE. This life science incubator with a size of 20,000 sq.ft is located on the 3rd floor of the School of Life Sciences, University of Hyderabad. Established in 2018, as a knowledgebase deep technology life science incubator, it nurtures innovation and entrepreneurship in scaling technologies of Agriculture, Biotechnology, Healthcare, Pharmaceutical, and Allied areas. In 2020, ASPIRE-BioNEST has been recognized as the associate partner of the BIG program of BIRAC.
UoH (University of Hyderabad)
The University of Hyderabad (UoH) established in 1974 which is the only Multidisciplinary Public University among 4 institutions from India to figure in the list of Top 101-150 fastest growing institutions in the world “Under the age of 50” by QS 2021 World University Rankings. The University is consistently being ranked in the Top l0 Institutions in the country by various ranking agencies both in India and Abroad. The University of Hyderabad is certified by the NAAC Accreditation with 3.72 CGPA on a four-point scale at,'A,, grade in the third cycle. It is the youngest and smallest of the l0 public-funded institutions selected for the coveted status of Institution of Eminence (IoE) by the UGC and Government of India. UoH has more than 425 Faculty, closely work and interact with over 5500+ students giving them the required guidance in academics and mentoring them to take up challenges.Created by an Act of the Indian Parliament, the University of Hyderabad, has, over three decades, distinguished itself as one of the best in the country as a center for teaching, research and innovations. With a highly qualified and internationally renowned faculty, motivated students, scholars, and support staff, it has carried out cutting edge research in disciplines such as the sciences, social sciences, umanities, technology, visual arts, communication, management and continuing education aspiring to move into the top 500 institutions of the world.
This MoU is presented with a primary interest that ASPIRE-BioNEST will help GITAM in following activities promoting BIRAC's translational research activities throush fundins and mentoring programs as stated below.
- ASPIRE-BioNEST of UoH becoming a mentor for it to be initiated pre-incubation program through BIRAC's E-YUVA program of GITAM. All or any expenses are borne by GITAM.
- ASPIRE-BioNEST of UoH plays a key role in promoting entrepreneurship at the faculty and student level at the GITAM under various programs such as BIG, PACE (AIR and CRS), SITARE.
- ASPIRE-BioNEST encourages internships for students and faculty improvement programs of GITAM through industry exposure at its incubated companies. Any costs related to such activities may be taken care by GITAM.
Terms of the Agreement: This MoU is valid for a period of 3-years from the date of signing, extendable upon mutual agreement for subsequent years. lt may be renewed with mutual agreement. Detailed collaboration agreements are expected to be formed within the period of this MoU. This Memorandum of Understanding is subject to the rules and regulations governing ASPIR-BioNEST of UoH and GITAM.
Aspects of Memorandum of Understanding:
- Each party shall treat the business, technical, financial information, negotiations and the content of this MoU as confidential information. Neither party shall disclose any confidential information to any third party without the consent of the other party or use such Confidential Information except to the extent necessary to carry out obligations for which it is been provided. This obligation does not apply if (a) it is or becomes generally available to the public; or (b) is independently developed by the other party without the use of such disclosed materials; or (c) has been acquired through a third party who is not obligated under this MoU; or (d) was already in its possession prior to the date hereof or (e) if the party is required to disclose by operation of law. The obligation shall survive three (3) years after the termination of this MoU. Parties acknowledge that the confidential information is valuable and unique. In case of breach, the affected party shall be entitled to injunctive relief in addition to all other remedies available in law or equity including monetary damages.
- Neither party shall be liable for damages for any delay or failure to perform its obligations hereunder, if such delay or failure is due to reasons beyond the control of the concerned pafi or without it's fault or negligence, including without limitation, strikes, riots, wars, fires, epidemics, quarantine restrictions, unusually severe weather, earthquakes, explosions, acts of god or state or any public enemy or acts mandated by applicable laws, regulation or order, whether valid or invalid, of any governmental body.
- This MoU is not intended to constitute, create, give effect to, or otherwise recognize a joint venture, partnership, or formal business organization of any kind, and the rights and obligations of the parties shall be only those expressly set forth herein.
- Nothing in this MoU shall be construed to grant either party the right to make commitments of any kind for or on behalf of the other without the other's prior written consent. Each parLy assumes no responsibility to the other for costs, expenses, risks, and liabilities arising from the efforts of the other.
- Unless otherwise agreed upon by the parties, Sections 6, and 8 shall have binding effect and survive expiry / termination of this MoU for a period of one (l) year.
- Neither party shall assign, or in any manner, transfer its interest or any part thereof in this MoU, except to wholly-owned subsidiaries.
- Both parties agree that they will complete the execution of the proposed agreement within six months of the signing of this MoU. The parties may by mutual consent extend the period failing which this MOU stands terminated. Neither party is entitled to any compensation in the event of termination of this MOU.
- Notwithstanding anything to the contrary in this MoU, any Exhibit or Attachment or any other document signed between the Parties regarding the subject matter of this MoU, either prior or subsequent to this MoU, in no event shall either Party be liable for any loss of profits or revenue, or loss or inaccuracy of data or for any direct, indirect, incidental, special or consequential damages incurred by the other Party.
- The parties recognize and understand that this document is an expression of intent and merely shall be considered as a starting point for further discussions and negotiations. Accordingly, except for relevant parts of Sections 6 - 10 of this MoU shall be construed as to be legally binding for any of the parties and shall under no circumstances create any legal obligations or commitments. Hence and notwithstanding anything to the contrary in this agreement, any Exhibit or Attachment or any other document signed between the parties regarding the subject matter of this agreement prior to this flt, in no event shall either party be liable to the othe for the non-fulfilment or non-performance by either parly of its intentions laid down here in and neither party shall be liable to the other party for any loss of profits or revenue, or loss or inaccuracy ofdata or for any direct, indirect, incidental, special or consequential damages incurred by the other party as a result of such non-fulfilment or non-perforrnance.
- This MoU shall be construed in accordance with and governed by the laws of India and courts in Hyderabad. Any and all disputes pertaining to this MoU shall be referred to arbitration in accordance with the Arbitration and Conciliation Act,1996.