Unlike many other corporate agreements, technology-based joint venture and partnership agreements are usually highly customized. While no checklist can contemplate every relevant joint venture or partnership topic, it is possible to list many of the core issues that often present themselves in such settings. This list should be helpful when viewed in that context.
Illinois Checklist for Intellectual Property Partnership and Joint Venture Agreements
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How to fill out Checklist For Intellectual Property Partnership And Joint Venture Agreements?
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FAQ
Each joint owner can independently sell, license, or otherwise exploit the patent without the approval of the other and without having to account to each other for their revenues. Without the cooperation of all owners, none can grant an exclusive license to a third party and so this valuable right is compromised.
What will each party do, and how will they do it? How will any property (including intellectual property created by the JV) be owned and dealt with? Who will be part of the management team for the JV and what will their obligations include? Also consider the scope of the business and territory of the JV.
IP developed by the JV The default position (assuming that there is no shareholder licence containing a ?grant-back? clause) is that the JV will own any IP that is developed for or by it using its employees or contractors (subject to the terms of the agreement with the contractor).
Following these steps should lower your chances of dealing with intellectual property theft, and will give you protection if someone does steal your IP. Keep Business Ideas and Trade Secrets a Secret. ... Document Your Concepts and Original Content in Detail. ... Apply for a Trademark.
Key Elements of a Joint Venture Agreement Business address. ... Joint venture types. ... Purpose of the agreement. ... Names and addresses of members. ... Duties and obligations. ... Voting and formal meeting requirements. ... Assignment of percentage ownership. ... Profit or loss allocation.
Protect your IP with an NDA If you're going to approach potential investors for your startup, you'll likely have to share some or all of your proprietary information. You can protect your IP by having them sign a nondisclosure agreement (NDA) indicating that they won't copy the materials or share them with others.
The JV agreement should define how jointly developed IP will be owned. Options for ownership include: ? The JV owns the Joint IP during the life of the JV. This requires that there be a plan in place Joint IP in the event of termination/dissolution of the JV.
IP developed by the JV The default position (assuming that there is no shareholder licence containing a ?grant-back? clause) is that the JV will own any IP that is developed for or by it using its employees or contractors (subject to the terms of the agreement with the contractor).