sec.34Content of benefit sharing agreement

sec.34 Content of benefit sharing agreement

A benefit sharing agreement must be consistent with this Act. The agreement must state each of the following— the date the agreement is entered into; the agreement’s term; the benefits of biodiscovery to be provided by the biodiscovery entity to the State; when the benefits are to be provided; if the benefits include the payment of amounts of money to the State—the amounts, or a way of working out the amounts; if native biological material, the subject of the agreement, is to be taken under a collection authority—the number, or other identification, of each authority under which the material is to be taken; what matters are reportable matters for the agreement; the biodiscovery entity’s place of business; that the biodiscovery entity— has not accessed, and will not access, traditional knowledge for the biodiscovery the subject of the agreement; or has complied with, and will continue to comply with, the entity’s traditional knowledge obligation for the biodiscovery the subject of the agreement. The agreement must also include any conditions, other than the condition mentioned in section 35 (1) , of the agreement. The agreement must also state the terms (the prescribed minimum terms ) that must be included in any subsequent use agreement entered into under the agreement. The prescribed minimum terms must include a requirement for a subsequent user to provide benefits of biodiscovery, by way of the biodiscovery entity, to the State. s 34 amd 2017 No. 35 s 7 ; 2020 No. 27 s 17 (sec.34-ssec.1) A benefit sharing agreement must be consistent with this Act. (sec.34-ssec.2) The agreement must state each of the following— the date the agreement is entered into; the agreement’s term; the benefits of biodiscovery to be provided by the biodiscovery entity to the State; when the benefits are to be provided; if the benefits include the payment of amounts of money to the State—the amounts, or a way of working out the amounts; if native biological material, the subject of the agreement, is to be taken under a collection authority—the number, or other identification, of each authority under which the material is to be taken; what matters are reportable matters for the agreement; the biodiscovery entity’s place of business; that the biodiscovery entity— has not accessed, and will not access, traditional knowledge for the biodiscovery the subject of the agreement; or has complied with, and will continue to comply with, the entity’s traditional knowledge obligation for the biodiscovery the subject of the agreement. (sec.34-ssec.3) The agreement must also include any conditions, other than the condition mentioned in section 35 (1) , of the agreement. (sec.34-ssec.4) The agreement must also state the terms (the prescribed minimum terms ) that must be included in any subsequent use agreement entered into under the agreement. (sec.34-ssec.5) The prescribed minimum terms must include a requirement for a subsequent user to provide benefits of biodiscovery, by way of the biodiscovery entity, to the State.