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Joint-Venture Agreement for Exploitation of Patent

Pima Arizona Joint-Venture Agreement for Exploitation of Patent

Name: Pima Arizona Joint-Venture Agreement for Exploitation of Patent
Brand: US Legal Forms
Rating: 4.67 (420 reviews)

Category:

Contracts - Joint Ventures

State:

Multi-State

County:

Pima

Control #:

US-13363BG

Format:

Instant download

Description

A joint venture has been generally defined as an association of two or more persons formed to carry out a single business enterprise for profit for which purpose they combine their property, money, efforts, skill, time, and/or knowledge.

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FAQ

IP is what you create, invent or develop as a result of your intellectual activity. IP is valuable, and just like other types of property you own, it comes with legal rights.

Jointly owned intellectual property is intellectual property, or IP, that is owned by two or more people at once. This can occur when two or more people invent, create, or author a patentable property together or when a compromise on ownership is reached in a contract.

In many cases, a joint venture agreement will break apart because one or both companies break the agreement. Furthermore, because this is such a common occurrence among joint venture agreement, most contracts for this type of partnership will have a list of scenarios that defines what actions break the contract.

The ideal solution would be to agree in advance that any new IP created during the course of the collaboration (inventions; designs; copyright; trade marks etc.) will be wholly owned by one of the parties.

US law regarding jointly owned intellectual property A patent can be owned jointly if devised jointly by more than one person. As far as US patent law is concerned, the default rule is that each joint owner can utilize or exploit the patent without the permission of the other joint owners.

Generally, a joint venture consists of each of the following characteristics: The parties undertaking the joint venture are legally independent, with the exception of the work they do together during this collaboration. The parties set out to accomplish a specific, mutually beneficial goal.

With this investment, it should come as no surprise that employers generally own the intellectual property created by its employees in the course of their employment. However, intellectual property that is created by an employee, other than in the course of employment, is owned by the employee not the employer.

Key Takeaways. A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. They are a partnership in the colloquial sense of the word but can take on any legal structure.

A joint venture agreement is legally binding like other contracts.

Pima Arizona Joint-Venture Agreement for Exploitation of Patent

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