Oklahoma 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 Oklahoma Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a legal document that establishes a contractual relationship between an inventor and a manufacturer for the purpose of granting the manufacturer a license to produce and distribute products based on the inventor's invention. This agreement sets out the terms and conditions that govern the rights and obligations of both parties involved. The key elements of an Oklahoma Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention include: 1. Parties: The agreement identifies the inventor, who is the owner of the invention, and the manufacturer, who desires to obtain a license to manufacture and sell products based on the invention. 2. Grant of License: The inventor grants the manufacturer a non-exclusive or exclusive license to manufacture, use, and sell products embodying the invention within a specific geographical area or market segment. 3. Scope of License: The agreement defines the scope of the license, specifying the specific products, processes, or technology covered by the agreement. It may also address any limitations or restrictions on the license, such as the duration of the license or the exclusivity rights granted to the manufacturer. 4. Royalties and Payments: The agreement outlines the financial arrangements between the inventor and the manufacturer. It typically includes provisions for royalties, which are payments made by the manufacturer to the inventor based on the sales or production of licensed products. The method of calculating royalties, payment schedules, and any other financial obligations are detailed in this section. 5. Quality Control: The agreement may include provisions regarding quality control to ensure that the manufacturer maintains the desired level of quality and adheres to any specific standards set forth by the inventor. 6. Intellectual Property Rights: This section addresses the ownership and protection of intellectual property rights associated with the invention. It clarifies that the inventor retains all rights, title, and interest in the invention and associated intellectual property, except for the rights specifically granted to the manufacturer under the agreement. 7. Term and Termination: The agreement specifies the duration of the agreement and the conditions under which either party can terminate the agreement. It may include provisions for termination due to breach of contract, non-payment of royalties, or other specified circumstances. Some variations of the Oklahoma Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention may include Exclusive License Agreements, Sole License Agreements, and Non-Exclusive License Agreements. These variations define the level of exclusivity granted to the manufacturer and the ability of the inventor to grant licenses to other manufacturers.