Tennessee 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).

Title: Tennessee Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention Introduction: The Tennessee Agreement between an Inventor and a Manufacturer Granting License to Manufacture Products from Invention is a crucial legal document that outlines the terms and conditions for granting manufacturing rights to a manufacturer from an inventor. This agreement serves as a legal contract that protects the rights, interests, and responsibilities of both parties involved in the manufacturing and distribution of the inventor's product. This comprehensive agreement ensures a smooth collaboration and facilitates the efficient commercialization of inventive products within the state of Tennessee. Key Points Covered in the Agreement: 1. Parties Involved: Clearly defines the inventor and the manufacturer participating in the agreement, alongside their respective addresses and contact information. 2. Scope of License: Specifies the patent or invention(s) covered under the agreement, describing the nature and functionality of the invention and its potential applications. 3. Exclusive or Non-Exclusive License: Distinguishes between an exclusive agreement, granting sole rights to the manufacturer for the production and distribution of the invention, or a non-exclusive agreement, allowing multiple manufacturers to produce the same product. 4. Manufacturing Obligations: Outlines the obligations and responsibilities of the manufacturer regarding the production, quality control, packaging, labeling, and delivery of the inventor's product. 5. License Term and Termination: Establishes the duration of the license agreement, including starting and ending dates. Also, includes provisions for termination conditions if either party fails to fulfill their obligations. 6. Financial Considerations: Covers the financial aspects, including royalties, payments, advances, and the frequency of payments to the inventor based on sales, production volume, or other agreed-upon terms. 7. Intellectual Property Rights: Clearly describes the rights and ownership of intellectual property, patents, trademarks, copyrights, and any improvements on the original invention. 8. Confidentiality and Non-Disclosure: Includes provisions safeguarding any confidential information or trade secrets disclosed during the course of the agreement. 9. Indemnification and Liability: Specifies the responsibilities of both parties towards any patent or intellectual property infringement claims, ensuring they protect each other from legal actions or liabilities arising from the manufacturing or use of the product. 10. Dispute Resolution: Outlines the procedures for resolving any disputes arising from this agreement, emphasizing negotiation, mediation, or arbitration as methods of resolving conflicts before pursuing litigation. Types of Tennessee Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention: 1. Exclusive Licensing Agreement: Grants exclusive rights to the manufacturer to produce, distribute, and sell the inventor's product within a specific territory, prohibiting the inventor from licensing the product to any other manufacturer. 2. Non-Exclusive Licensing Agreement: Allows multiple manufacturers to obtain licenses to produce, distribute, and sell the inventor's product simultaneously within defined territories, offering the inventor more flexibility and potential market reach. 3. Prototype Development Agreement: Focuses on the joint development of a functional prototype by the inventor and the manufacturer, often before entering into a formal manufacturing license agreement. 4. Joint Venture Agreement: Establishes a partnership between the inventor and the manufacturer, where both parties contribute resources, expertise, and capital to develop and commercialize a new product. Conclusion: The Tennessee Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention plays a vital role in facilitating a mutually beneficial relationship between inventors and manufacturers. By setting clear guidelines, obligations, and legal protection, this agreement ensures the successful collaboration, protection of intellectual property, and effective distribution of inventive products in the Tennessee marketplace.