West Virginia 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 West Virginia Agreement between Inventor and Manufacturer Granting License to Manufacture Products from Invention is a legal contract that outlines the terms and conditions of allowing a manufacturer to produce and distribute products based on the inventor's patented invention. This agreement establishes a license agreement between the inventor, often known as the licensor, and the manufacturer, known as the licensee. The agreement typically contains various clauses and sections that cover the following key points: 1. Parties involved: This section identifies the inventor and the manufacturer, including their legal names, addresses, and contact information. 2. Background and purpose: This part provides a brief overview of the invention and explains the intention of the agreement, which is to grant the manufacturer the exclusive rights and permission to manufacture products using the patented invention. 3. Grant of license: This clause outlines the specific rights and license being granted to the manufacturer. It includes details such as territorial scope, exclusivity, permitted usage, and any limitations or restrictions on the license. 4. Royalties and payments: This section specifies the financial arrangements between the inventor and the manufacturer. It covers aspects like royalties, advance payments, minimum sales targets, and other financial obligations. 5. Quality control: This clause ensures that the manufacturer maintains a certain level of quality in the production of the licensed products. It may include provisions for inspection, testing, and performance standards to protect the reputation of the inventor's invention. 6. Intellectual property rights: This section clarifies the ownership of the intellectual property rights associated with the invention. It defines the inventor's rights, any limitations on the licensee's use of the invention, and provisions for protecting the inventor's intellectual property. 7. Term and termination: This part states the duration of the agreement and the conditions under which either party can terminate the contract. It may include provisions for termination due to breach, non-performance, or mutual agreement. 8. Confidentiality: This clause ensures that both parties keep any confidential or proprietary information exchanged during the agreement confidential and not disclose it to third parties without prior consent. 9. Dispute resolution: This section outlines the procedures for resolving any disputes that may arise during the course of the agreement. It may include provisions for negotiation, mediation, or arbitration. 10. Governing law and jurisdiction: This clause determines the governing law under which the agreement is interpreted and any legal jurisdiction in case of disputes. Types of West Virginia Agreements between Inventor and Manufacturer may vary based on specific industry requirements, product type, and the nature of the licensing arrangement. Some possible variations may include: 1. Exclusive License Agreement: This agreement grants the manufacturer exclusive rights to manufacture and distribute the products based on the invention within a specific territory or industry. 2. Non-Exclusive License Agreement: This type of agreement allows the inventor to grant licenses to multiple manufacturers simultaneously, enabling broader market penetration. 3. Sole License Agreement: In this case, the inventor grants exclusive rights to a single manufacturer but retains the right to manufacture and sell the invention themselves. 4. Sub-License Agreement: This arrangement allows the licensee to further grant licenses to third parties for the manufacturing or distribution of the licensed products. Please note that legal agreements should always be drafted or reviewed by a qualified attorney to ensure compliance with West Virginia state laws and to address any specific requirements or circumstances unique to the invention and the parties involved.