North Carolina 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 North Carolina Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a legal contract 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 serves as a crucial document in establishing a mutually beneficial relationship between the inventor and manufacturer, ensuring their rights, responsibilities, and expectations are clearly defined. This comprehensive agreement covers various aspects, including intellectual property rights, exclusivity, royalties, production and quality control, termination, and dispute resolution. Intellectual Property Rights: The North Carolina Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention clearly specifies the intellectual property rights associated with the invention, such as patents, copyrights, or trademarks. It ensures that the manufacturer is granted a limited license to use the inventor's intellectual property solely for the purpose of manufacturing products. Exclusivity: Depending on the agreement, there may be different types of exclusivity clauses, such as exclusive and non-exclusive licenses. An exclusive license grants the manufacturer sole rights to manufacture and distribute the products, preventing the inventor from granting licenses to other manufacturers. However, a non-exclusive license allows the inventor to grant licenses to multiple manufacturers simultaneously. Royalties: The agreement determines the royalty structure, which outlines the percentage of profits the manufacturer will distribute to the inventor for each product sold. It often includes provisions for minimum royalty payments to ensure a steady income for the inventor. Production and Quality Control: The agreement sets standards for production, quality control, and meeting market demands. It may specify the manufacturing process, quality standards, packaging requirements, and inspections to ensure the products meet the inventor's specifications and reputation. Termination: Different termination clauses are put in place to protect the interests of both the inventor and the manufacturer. If either party fails to meet the terms of the agreement, it may lead to termination or breach of contract. The agreement defines the grounds for termination and outlines the penalties or legal remedies that may arise from such termination. Dispute Resolution: The agreement may include provisions for resolving disputes through negotiation, mediation, or arbitration. It helps avoid costly legal battles and fosters a constructive resolution process between the parties involved. The North Carolina Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention ensures that all parties involved understand their rights and obligations. By clearly defining the terms of the license, this agreement protects the inventor's intellectual property while allowing the manufacturer to benefit from the innovative products and bring them to market efficiently. Other types of North Carolina agreements between inventors and manufacturers may include specific clauses related to different industries or circumstances, such as technology licensing agreements, pharmaceutical licensing agreements, or global licensing agreements. These agreements differ slightly in terms of the technicalities and considerations that need to be addressed, but they essentially serve the same purpose in granting licenses between inventors and manufacturers.