New York 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 New York Agreement between an inventor and a manufacturer granting a license to manufacture products from an invention is a legally binding document that sets out the terms and conditions under which the manufacturer is given the right to produce and distribute products based on the inventor's intellectual property. This agreement serves as a means of collaboration and cooperation between the inventor and manufacturer, allowing the successful commercialization of the invention. It establishes a mutually beneficial relationship by outlining the rights and obligations of both parties involved. The agreement typically includes several key provisions to ensure a smooth licensing process. Firstly, it clearly identifies the parties involved, providing details such as the inventor's name, address, and contact information, as well as the manufacturer's information. This inclusion ensures that both parties are correctly identified and establishes their legal standing. Secondly, the agreement outlines the specific intellectual property rights being licensed, describing the invention in detail and specifying any relevant patents, copyrights, or trademarks associated with it. This section serves to protect the inventor's rights and prevents the unauthorized use of their intellectual property. The agreement will also establish the scope and duration of the license, outlining the territories in which the manufacturer can operate and sell the products and setting the timeframe during which the license is valid. Additionally, it may include provisions for potential renewals or extensions of the license. Financial arrangements, such as licensing fees or royalties, are crucial aspects of the New York Agreement. This section will specify the payment terms, the amount or percentage of royalties to be paid to the inventor, and any additional financial obligations, such as upfront payments or milestone payments. To ensure quality control, the agreement may also include provisions detailing the standards and specifications that the manufacturer must adhere to when producing the licensed products. These standards guarantee that the products meet the inventor's quality expectations and maintain the reputation of the invention. Confidentiality clauses are commonly present in these agreements, safeguarding any trade secrets or proprietary information disclosed during the collaboration. This ensures that both parties maintain confidentiality and protects the inventor's exclusive rights to the invention. In addition to the standard New York Agreement between an inventor and a manufacturer granting a license to manufacture products from an invention, variations may exist depending on the specific circumstances involved. These could include agreements tailored for exclusive licenses, non-exclusive licenses, or agreements that grant the manufacturer the rights to sublicense the invention to other parties. Ultimately, a well-drafted New York Agreement between an inventor and a manufacturer is essential for protecting the interests of both parties and facilitating the successful commercialization of the invention. It provides a framework for cooperation, establishing rights, responsibilities, and financial agreements that pave the way for profitable collaboration in bringing the invention to market.