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.
Delaware Agreement for Exhibition of Unpatented Invention to Prospective Purchaser or Licensee is a legal document commonly used in Delaware to safeguard the rights and interests of inventors. This agreement serves as a means for inventors to showcase their unpatented invention(s) to potential buyers or licensees while ensuring the confidential and exclusive nature of the disclosure. In essence, this agreement sets forth the terms and conditions under which the inventor agrees to disclose their unpatented invention for examination, evaluation, or assessment to a prospective purchaser or licensee. It aims to establish a framework to protect the inventor from unauthorized use, reproduction, or distribution of the disclosed invention. The Delaware Agreement for Exhibition of Unpatented Invention to Prospective Purchaser or Licensee typically includes the following key elements: 1. Parties Involved: The agreement identifies the parties involved in the transaction, namely the inventor(s) and the prospective purchaser or licensee. 2. Description of the Invention: A detailed and accurate description of the unpatented invention is provided, including its functionalities, technical specifications, and potential applications. This description serves as a disclosure for the purpose of the agreement. 3. Confidentiality: The agreement emphasizes the importance of maintaining the confidentiality of the disclosed invention. It may include provisions for the recipient party to sign a separate non-disclosure agreement, ensuring the inventor's ideas and trade secrets are protected. 4. Term and Conditions: The agreement stipulates the duration for which the inventor grants the prospective purchaser or licensee the exclusive right to examine and evaluate the invention. It may also include additional terms regarding the access to and handling of the invention during this period. 5. License or Purchase Option: Depending on the circumstances, the agreement may outline the option for the prospective purchaser or licensee to negotiate a license agreement or a purchase agreement for the unpatented invention after the evaluation and assessment period concludes. 6. Intellectual Property Rights: The agreement clarifies that, unless a separate agreement is reached, the inventor retains full ownership and rights over the unpatented invention. It may also specify that the prospective purchaser or licensee has no authority to use or exploit the invention without a formal agreement in place. Different variations or types of Delaware Agreement for Exhibition of Unpatented Invention to Prospective Purchaser or Licensee may exist due to the specific requirements or preferences of the parties involved or additional clauses prescribed by law. However, the above-described elements form the core components that should be adequately addressed in such agreements to protect the rights of inventors in Delaware.
