Missouri 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).

The Missouri Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a legally binding contract that facilitates the licensing of an inventor's intellectual property rights to a manufacturer for the purpose of producing and distributing products based on the invention. This agreement is an essential tool for inventors looking to monetize their inventions and manufacturers seeking to capitalize on innovative technologies. The key terms and components of the Missouri Agreement include: 1. Parties: It identifies the inventor(s) and the manufacturer(s) involved in the agreement, ensuring clarity and accountability. 2. Grant of License: This section outlines the specific intellectual property rights being licensed, such as patents, trademarks, copyrights, trade secrets, or any combination thereof. It establishes the scope and duration of the license, with clear restrictions on geographic area, production volume, and potentially exclusive or non-exclusive rights. 3. Royalties and Payments: The agreement stipulates the financial considerations, including royalties, upfront fees, milestones, or any other agreed-upon compensation to be paid by the manufacturer to the inventor. It also defines the reporting and payment schedule, ensuring transparency and accountability. 4. Quality Control: This section enforces the inventor's right to maintain the quality and integrity of the products. It sets forth quality standards, inspection procedures, and potential remedies for non-compliance with agreed-upon specifications. 5. Intellectual Property Protection: The parties agree on the inventor's ownership rights and their duty to enforce and defend against any infringement of the licensed intellectual property. It may also include clauses for confidentiality, non-disclosure, and indemnification for any legal disputes related to the invention. 6. Termination: This section establishes the conditions under which either party can terminate the agreement, including breaches, non-performance, bankruptcy, or mutual consent. It outlines the consequences of termination, such as intellectual property rights reverting to the inventor or the manufacturer's obligation to cease production and sales. 7. Governing Law and Jurisdiction: The choice of law and jurisdiction determine the legal framework under which the agreement will be interpreted and any potential disputes settled. Missouri law is often chosen if both parties are located within the state or prefer its legal system. Regarding different types of Missouri Agreements between Inventor and Manufacturer Granting License to Manufacture Products from Invention, they can include variations depending on specific needs and circumstances: 1. Exclusive License Agreement: Grants the manufacturer exclusive rights to produce and distribute the invention's products within a defined territory or market segment, excluding the inventor from entering licensing agreements with other manufacturers. 2. Non-exclusive License Agreement: Allows the inventor to grant licenses to multiple manufacturers concurrently, offering broader reach and potentially higher sales volume. 3. Development License Agreement: Designed for cases where the inventor has an early-stage invention and partners with a manufacturer to further develop and refine the technology with mutually agreed-upon milestones and royalties. 4. Manufacturing License Agreement: Focused mainly on allowing the manufacturer to produce and distribute the invention's products, with fewer provisions regarding development, marketing, or sales activities. By thoroughly understanding the key components and types related to the Missouri Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention, inventors and manufacturers can establish a mutually beneficial partnership that maximizes the commercial potential of innovative technologies.