Wake North Carolina Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention

• Category: Contracts - Inventions
• State: Multi-State
• County: Wake
• 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). A Wake North Carolina Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a legally binding document that establishes the rights and responsibilities of both the inventor and the manufacturer in relation to the manufacture and distribution of products based on the inventor's invention. This agreement serves as a way to protect the interests of both parties and ensure a smooth and mutually beneficial business relationship. The Wake North Carolina Agreement typically includes the following key provisions: 1. Definitions: This section provides clear definitions of terms used throughout the agreement, such as "invention," "manufacturer," "license," and "royalties," to avoid any confusion. 2. Grant of License: This provision outlines the terms under which the inventor grants the manufacturer a license to manufacture and sell products based on the invention. It specifies the scope of the license, including any restrictions or limitations on the manufacturing process, geographical area, or time period. 3. Royalties and Payment: This section details the financial terms of the agreement, including the payment structure, calculation of royalties, and the frequency and method of payment. It may also include provisions for advances or minimum royalties that the manufacturer must pay to the inventor. 4. Intellectual Property Rights: This provision clarifies the ownership and protection of intellectual property rights related to the invention. It may specify that the inventor retains the patent or copyright for the invention while granting the manufacturer a license to use it. 5. Quality Control: This section sets forth the standards and procedures to maintain the quality of the products manufactured under the license. It may include requirements for the manufacturer to obtain certifications or adhere to specific quality control measures. 6. Term and Termination: This clause establishes the duration of the agreement and the conditions under which either party can terminate it. It may include provisions for termination upon breach of the agreement, non-performance, or bankruptcy of either party. 7. Confidentiality and Non-Disclosure: This provision ensures that both the inventor and the manufacturer maintain the confidentiality of proprietary information shared during the course of the agreement. It may include non-disclosure and non-compete clauses to protect sensitive information and prevent competitors from gaining access to trade secrets. Other types of Wake North Carolina Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention may be differentiated based on specific industries or types of products. For instance, there could be agreements specifically tailored for the medical device industry, software licensing, or manufacturing agreements for consumer goods. In conclusion, a Wake North Carolina Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a comprehensive legal document that establishes the terms and conditions under which a manufacturer is granted the license to manufacture and sell products based on the inventor's invention. By addressing key provisions such as grant of license, royalties, intellectual property rights, quality control, confidentiality, and termination, this agreement ensures a fair and mutually beneficial arrangement between the inventor and the manufacturer.

A Wake North Carolina Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a legally binding document that establishes the rights and responsibilities of both the inventor and the manufacturer in relation to the manufacture and distribution of products based on the inventor's invention. This agreement serves as a way to protect the interests of both parties and ensure a smooth and mutually beneficial business relationship. The Wake North Carolina Agreement typically includes the following key provisions: 1. Definitions: This section provides clear definitions of terms used throughout the agreement, such as "invention," "manufacturer," "license," and "royalties," to avoid any confusion. 2. Grant of License: This provision outlines the terms under which the inventor grants the manufacturer a license to manufacture and sell products based on the invention. It specifies the scope of the license, including any restrictions or limitations on the manufacturing process, geographical area, or time period. 3. Royalties and Payment: This section details the financial terms of the agreement, including the payment structure, calculation of royalties, and the frequency and method of payment. It may also include provisions for advances or minimum royalties that the manufacturer must pay to the inventor. 4. Intellectual Property Rights: This provision clarifies the ownership and protection of intellectual property rights related to the invention. It may specify that the inventor retains the patent or copyright for the invention while granting the manufacturer a license to use it. 5. Quality Control: This section sets forth the standards and procedures to maintain the quality of the products manufactured under the license. It may include requirements for the manufacturer to obtain certifications or adhere to specific quality control measures. 6. Term and Termination: This clause establishes the duration of the agreement and the conditions under which either party can terminate it. It may include provisions for termination upon breach of the agreement, non-performance, or bankruptcy of either party. 7. Confidentiality and Non-Disclosure: This provision ensures that both the inventor and the manufacturer maintain the confidentiality of proprietary information shared during the course of the agreement. It may include non-disclosure and non-compete clauses to protect sensitive information and prevent competitors from gaining access to trade secrets. Other types of Wake North Carolina Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention may be differentiated based on specific industries or types of products. For instance, there could be agreements specifically tailored for the medical device industry, software licensing, or manufacturing agreements for consumer goods. In conclusion, a Wake North Carolina Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a comprehensive legal document that establishes the terms and conditions under which a manufacturer is granted the license to manufacture and sell products based on the inventor's invention. By addressing key provisions such as grant of license, royalties, intellectual property rights, quality control, confidentiality, and termination, this agreement ensures a fair and mutually beneficial arrangement between the inventor and the manufacturer.