Louisiana Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention

• Category: Contracts - Inventions
• State: Multi-State
• Control #: US-1036BG
• Format: Word; Rich Text

Description

An invention is a new composition, device, or process. Invention can also be defined to include creative endeavors that extend beyond original, substantial improvements. An invention is also a new, useful, and nonobvious improvement of a process, machine, or product. Any invention which is new, useful, and nonobvious improvement of process can be patented. Inventions that involve processes, machines, manufactures, and compositions of matter, and any improvement thereof, are patentable. A license is a contractual right that gives someone permission to do a certain activity or to use certain property owned by someone else. Licensing agreement is an agreement between two enterprises allowing one to sell the other's property such as products or services and to use their name, sales literature, trademarks, copyrights, etc. in a limited manner. Besides license agreement terms, federal laws provide stiff civil and criminal penalties for pirating and other unauthorized use of other's property. A patent is a grant of a property right by the Government to an inventor. The United States Constitution gives Congress the right to provide for patent protection in legislation in order to encourage useful inventions. The patent itself provides a detailed description of the invention, and how it is used or how to make it. • how many inventions it has evaluated; • how many of those inventions got positive or negative evaluations (legitimate companies will have a fairly low acceptance rate, usually under 5%); • its total number of customers; • how many of those customers received a net financial profit from the promoter's services (that is, the number of clients who made more money from their invention than they paid to the company); and • how many of those customers have licensed their inventions due to the promoter's services (if the success rate is too low, between 2 and 5%, the company's services may not be worth your out-of-pocket expenses).

Title: A Comprehensive Guide to the Louisiana Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention Introduction: The Louisiana Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a legally binding document that outlines the mutually agreeable terms and conditions for granting a license to a manufacturer to produce and distribute products based on an invention. This article will provide you with a detailed description of this agreement, its essential elements, and the different types that exist within the Louisiana jurisdiction. Key Elements of the Agreement: 1. Parties Involved: Clearly identify the inventor and manufacturer by their legal names and include their contact details. 2. Description of Invention: Provide a concise description of the invention, including any associated patent numbers or pending patent applications. 3. License Grant: Specify the scope of the license, such as exclusive or non-exclusive rights, territories covered, and duration of the agreement. 4. Royalty Payments: Clearly mention the terms related to royalty payments, including the percentage, frequency, and method of calculation. 5. Quality Control: Establish quality standards to ensure the manufacturer's compliance with the agreed-upon specifications and methods. 6. Intellectual Property Rights: Determine the ownership of any intellectual property associated with the invention and define the rights and restrictions for both parties. 7. Confidentiality and Non-Disclosure: Include provisions to maintain confidentiality of any proprietary information exchanged during the manufacturing process. 8. Indemnification: Outline the responsibilities of each party for any potential legal claims arising from the manufacturing or use of the invention. 9. Termination: Describe the circumstances under which either party may terminate the agreement, including any potential penalties or notice periods. Types of Louisiana Agreements between Inventor and Manufacturer Granting License to Manufacture Products from Invention: 1. Exclusive License Agreement: This type of agreement grants the manufacturer sole rights to produce and distribute the invention within a specific territory. 2. Non-Exclusive License Agreement: In contrast to the exclusive license, this agreement allows multiple manufacturers to produce and distribute the invention simultaneously. 3. Limited Time License Agreement: Under this agreement, the license granted to the manufacturer is restricted to a predetermined period. 4. Territory-Specific License Agreement: This agreement limits the manufacturer's production and distribution rights to a particular geographical area. 5. Perpetual License Agreement: As the name suggests, this type of agreement provides the manufacturer with the indefinite right to produce and distribute the invention. Conclusion: The Louisiana Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a vital legal tool that facilitates collaboration between inventors and manufacturers. By diligently addressing the essential elements and choosing the appropriate type of agreement, both parties can establish a mutually beneficial partnership while safeguarding their interests. It is crucial to consult with legal professionals experienced in intellectual property and licensing matters to ensure the agreement accurately reflects the intentions and protections desired by all parties involved.