Agreements relating to unpatented ideas and inventions are subject to the general rules applicable to contracts. The idea or invention cannot be protected by merely labeling the right to it as being a "property right." It is essential to adequately describe the idea or invention.
Connecticut Agreement for Exhibition of Unpatented Invention to Prospective Purchaser or Licensee is a legal document that facilitates the showcasing of an unpatented invention to potential buyers or licensees. This agreement outlines the terms and conditions under which the inventor agrees to disclose their invention for evaluation purposes. The primary purpose of the Connecticut Agreement for Exhibition of Unpatented Invention to Prospective Purchaser or Licensee is to protect the rights and interests of the inventor while allowing them to gain exposure and attract potential investors or licensees. The agreement establishes a confidential relationship between the inventor and the prospective purchaser or licensee, safeguarding the invention from unauthorized use or disclosure. The key provisions typically included in such an agreement are as follows: 1. Parties: This section identifies and provides details about the parties involved, including the inventor, the prospective purchaser, and/or licensee. 2. Invention Description: An extensive description of the unpatented invention is provided, including its purpose, features, and benefits. This section may also include any technical drawings, diagrams, or prototypes related to the invention. 3. Confidentiality: The agreement strictly emphasizes the importance of maintaining the confidentiality of the disclosed information. It typically contains provisions ensuring that the prospective purchaser or licensee will not disclose, use, or exploit the invention without the explicit permission of the inventor. 4. Evaluation Period: This section specifies the duration during which the prospective purchaser or licensee may evaluate the invention for potential licensing or purchase. It may outline the terms for returning or destroying all materials related to the invention after the evaluation period. 5. Non-Disclosure: The agreement may include specific clauses to ensure that any information exchanged during the evaluation process remains confidential, even if no purchase or licensing agreement is reached. This prevents the prospective purchaser or licensee from using the disclosed information to develop a similar invention or share it with third parties. 6. Ownership: The agreement typically clarifies that the inventor retains full ownership rights over the unpatented invention unless a separate agreement is reached for transfer of ownership. 7. Indemnification: This section may specify the responsibilities and liabilities of both parties regarding any claims, damages, or disputes arising from the exhibition of the invention or its evaluation. Different variations of the Connecticut Agreement for Exhibition of Unpatented Invention to Prospective Purchaser or Licensee may exist, primarily depending on the nature of the invention, the level of disclosure required, and specific terms negotiated between the parties. However, the aforementioned key provisions are commonly included in such agreements to protect the interests of both the inventor and the prospective purchaser or licensee.
