Massachusetts 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).

Massachusetts Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a legally binding document that outlines the terms and conditions under which an inventor grants a license to a manufacturer to produce and distribute products based on their invention. This agreement is crucial as it ensures a mutually beneficial relationship between the inventor and the manufacturer, safeguarding their respective rights and interests. The key elements of a Massachusetts Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention include: 1. Parties: Clearly identifies the inventor(s) and the manufacturer(s) involved in the agreement. 2. Grant of License: Specifies the scope and exclusivity of the license granted by the inventor to the manufacturer, allowing them to manufacture and distribute products based on the invention. 3. Ownership and Intellectual Property Rights: Clearly states that the inventor retains all ownership and intellectual property rights associated with the invention. 4. Royalties and Payments: Outlines the payment terms, including any upfront fees or royalties, which the manufacturer agrees to pay the inventor for the license to manufacture the products. 5. Quality Control: Specifies the quality standards the manufacturer must adhere to during the manufacturing process to ensure that the products meet the inventor's expectations. 6. Confidentiality: Includes provisions to maintain the confidentiality of any proprietary information shared between the parties during the course of the agreement. 7. Term and Termination: Specifies the duration of the agreement and the conditions under which either party can terminate it. 8. Dispute Resolution: Outlines the procedure for resolving any disputes that may arise between the inventor and the manufacturer during the term of the agreement. 9. Governing Law: States that the agreement will be governed by and interpreted in accordance with the laws of Massachusetts. Massachusetts Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention can be further divided into different types based on the specific needs and circumstances of the parties involved. Some possible variations may include: 1. Exclusive License Agreement: Grants the manufacturer exclusive rights to manufacture and distribute the products based on the invention within a specific geographic region or market segment. 2. Non-Exclusive License Agreement: Allows the inventor to grant licenses to multiple manufacturers to produce and distribute the products based on the invention simultaneously. 3. Limited Time License Agreement: Sets a specific duration for the license agreement, after which the manufacturer's rights to manufacture the products expire. 4. Joint Venture Agreement: Involves a collaborative effort between the inventor and the manufacturer, where they both contribute resources and share profits and liabilities associated with the manufacture and distribution of the products. It is essential for both the inventor and the manufacturer to consult with legal professionals specializing in intellectual property and contract law to ensure that their Massachusetts Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is comprehensive, enforceable, and protects their respective interests.