Texas 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).

A Texas Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a legally binding 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 in the state of Texas. This agreement aims to protect the rights and interests of both the inventor and manufacturer involved in the licensing process. The agreement typically includes several key elements and clauses: 1. Parties involved: The agreement begins by identifying the inventor, who is the owner of the invention and the manufacturer, who intends to obtain the license to manufacture the products based on the invention. 2. Recitals: This section provides a background and context for the agreement, describing the invention and its potential market value. 3. Grant of License: The agreement clearly defines the scope of the license being granted, including the specific rights given to the manufacturer, such as the right to manufacture, use, distribute, and sell the products based on the invention. The agreement can also specify exclusivity or non-exclusivity of the license. 4. License Fee: The agreement may outline the financial terms, such as the license fee to be paid by the manufacturer to the inventor. This can be a one-time payment or periodic royalties based on sales volume or other agreed-upon terms. 5. Quality Control: This clause ensures that the manufacturer adheres to specific quality standards and procedures for manufacturing the products. The agreement may include provisions for inspections, testing, and supervision by the inventor to maintain the desired quality. 6. Intellectual Property Rights: This section addresses the ownership and protection of intellectual property rights associated with the invention. It can state that the inventor retains ownership of the patent, copyright, and other relevant intellectual property rights. 7. Term and Termination: The agreement establishes the duration of the license grant and conditions for termination, such as breaches of the agreement, bankruptcy, or upon agreement between the parties. 8. Governing Law and Jurisdiction: This clause specifies that the agreement is governed by the laws of the state of Texas and any disputes arising will be subject to the jurisdiction of Texas courts. Types of Texas Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention: 1. Exclusive License Agreement: This agreement grants exclusive rights to the manufacturer, prohibiting the inventor from granting licenses to any other party in the defined territory or market segment. 2. Non-Exclusive License Agreement: In this case, the inventor retains the right to grant licenses to other manufacturers, allowing multiple manufacturers to produce and distribute products based on the invention. 3. Limited License Agreement: This type of agreement restricts the license grant to a specific time period, geographic area, or a particular field of use. 4. Sublicense Agreement: This agreement allows the original manufacturer licensee to grant sublicenses to other parties, expanding the reach and distribution network for the invention. In summary, a Texas Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a comprehensive contract defining the terms, rights, and obligations between an inventor and a manufacturer seeking to produce and distribute products based on the inventor's invention.