As used in this part, unless the context otherwise requires: “Contract for invention development services” includes a contract by which an invention developer undertakes to develop or promote an invention for a customer; “Customer” includes any person, firm, corporation, or other entity that is solicited by, inquires about or seeks the services of, or enters […]
No invention developer shall make, or authorize the making of, any reference to compliance by it with this part in any advertisement.
Every invention developer who charges a fee or requires any consideration for invention development services must clearly and conspicuously disclose such fact in every advertisement of such services.
In the first oral communication with a customer or in the first written response to an inquiry by a customer, other than an oral communication or written response, the primary purpose of which is to arrange an appointment with the invention developer for presentation of invention development services, the invention developer shall cause the following […]
Every contract for invention development services shall be in writing and shall be subject to this part. A copy of the written contract shall be given to the customer at the time the customer signs the contract. If one (1) or more subsequent contracts are contemplated by the invention developer in connection with an invention, […]
Notwithstanding any contractual provision to the contrary, the invention developer and the customer shall each have the right to cancel a contract for invention development services for any reason at any time within seven (7) days of the date the invention developer and the customer sign the contract. Cancellation shall be effected by written notice […]
Every contract for invention development services shall set forth in at least ten (10) point boldface type, or equivalent size if handwritten, all of the following: The terms and conditions of payment required by § 47-25-1206; A full and detailed description of the acts or services that the invention developer undertakes to perform for the […]
Each and every contract for invention development services shall carry a distinctive and conspicuous cover sheet with the following notice (and no other) imprinted thereon in boldface type of not less than ten (10) point size: “The following disclosures are required by law: You have the right to cancel this contract for any reason at […]
No invention developer shall acquire any interest, partial or whole, in the title to the customer’s invention, unless the invention developer contracts to manufacture the invention and acquires such interest for such purpose at or about the time the contract for manufacture is executed. Nothing in this section shall be construed to prohibit an invention […]
No contract for invention development services shall require or entail the execution of any note or series of notes by the customer which, when separately negotiated, will cut off as to third parties any right of action or defense which the customer may have against the invention developer.
Any contract for invention development services which does not comply with the applicable provisions of this part shall be void and unenforceable as contrary to public policy; provided, that no contract shall be void and unenforceable if the invention developer proves that noncompliance was unintentional and resulted from a bona fide error, notwithstanding the use […]
Any contract for invention development services entered into in reliance upon any willful and false, fraudulent, or misleading representation by the invention developer is void and unenforceable.
Any waiver by the customer of the provisions of this part is deemed contrary to public policy and is void and unenforceable.
Failure to make the disclosures required by this part shall render any contract subsequently entered into between the customer and the invention developer voidable by the customer.
With respect to each and every contract for invention development services, the invention developer shall deliver to the customer at the address specified in the contract, at quarterly intervals throughout the term of the contract, a written statement of the services performed to date; provided, that the first such statement need not be delivered until […]
Any assignee of the invention developer’s rights is subject to all equities and defenses of the customer against the invention developer existing in favor of the customer at the time of the assignment.
Every invention developer rendering or offering to render invention development services in this state shall maintain a bond issued by a surety company admitted to do business in this state. The principal sum of the bond shall be five percent (5%) of the invention developer’s gross income from the invention development business in this state […]
In lieu of furnishing the bond required by § 47-25-1217, the invention developer may deposit with the secretary of state a cash deposit in the like amount. This cash deposit may be satisfied by any of the following: Certificates of deposit payable to the secretary of state issued by banks doing business in this state […]
Every invention developer shall maintain all records and correspondence relating to performance of each invention development service contract for a period of not less than three (3) years after expiration of the term of each such contract.
This part is not exclusive and does not relieve the parties or the contract subject thereto from compliance with all other applicable law.
