Wisconsin 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 Wisconsin Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a legal document that outlines the terms and conditions of allowing a manufacturer to produce and sell products based on an inventor's invention within the state of Wisconsin. This agreement serves as a crucial tool in establishing a mutually beneficial relationship between the inventor, who holds the intellectual property rights, and the manufacturer, who is granted the permission to manufacture the products. By entering into this agreement, both parties can protect their interests while working towards the commercialization and distribution of the invention. Key clauses typically included in this agreement cover aspects such as: 1. Parties involved: Clearly defines the parties involved in the agreement, namely the inventor and the manufacturer. It provides their legal names, addresses, and contact information. 2. Grant of license: States that the inventor grants the manufacturer an exclusive or non-exclusive license to manufacture, use, and sell products based on the invention within the state of Wisconsin. Further, specifies the duration and scope of the license. 3. Royalties and financial terms: Outlines the royalty payment structure and any upfront fees or minimum guarantees that the manufacturer may be required to pay to the inventor. It also covers the frequency of royalty payments and the accounting process. 4. Quality control: Defines the quality standards that the manufacturer must meet when producing the invention-based products. It may include specific benchmarks, inspection procedures, and provisions for the inventor to periodically assess the manufacturing process. 5. Intellectual property rights: Clarifies that the intellectual property rights associated with the invention remain with the inventor. The manufacturer is typically granted a limited license only for manufacturing and selling purposes. 6. Confidentiality and non-disclosure: Ensures that both the inventor and the manufacturer maintain the confidentiality of any proprietary information shared during the course of their collaboration. 7. Termination and dispute resolution: Specifies the conditions under which the agreement can be terminated, including breach of contract, bankruptcy, or mutual agreement. It also outlines the process for resolving disputes, which may involve negotiation, mediation, or arbitration. Types of Wisconsin Agreements between Inventor and Manufacturer Granting License to Manufacture Products from Invention may include: 1. Exclusive License Agreement: This agreement grants the manufacturer exclusive rights to manufacture and sell products based on the invention within the state of Wisconsin. No other manufacturers will be permitted to produce similar products during the exclusivity period. 2. Non-Exclusive License Agreement: This agreement allows the inventor to grant licenses to multiple manufacturers, enabling them to manufacture and sell products based on the invention within Wisconsin. The inventor can enter into similar agreements with other manufacturers simultaneously. In conclusion, the Wisconsin Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a significant legal instrument that establishes the terms and conditions for a manufacturing partnership within the state. By defining the rights, responsibilities, and financial aspects, this agreement facilitates the commercialization of the invention while safeguarding the intellectual property rights of the inventor.