325A.01 DEFINITIONS. Subdivision 1. Scope. As used in sections 325A.01 to 325A.10, the following terms shall have the meanings given. Subd. 2. Contract for invention development services. “Contract for invention development services” includes a contract by which an invention developer undertakes to develop or promote an invention for a customer. Subd. 3. Customer. “Customer” means […]
325A.02 GENERAL CONTRACT REGULATION. Subdivision 1. Written contract; customer copy. Every contract for invention development services shall be in writing and shall be subject to the provisions of sections 325A.01 to 325A.10. A copy of each fully executed, written contract shall be given to the customer at the time the customer signs the contract. Subd. […]
325A.03 RIGHT OF CANCELLATION. Subdivision 1. Form and manner. Notwithstanding any contractual provision to the contrary, the customer shall have the unconditional right to cancel a contract for invention development services for any reason at any time before midnight of the third business day following the date the invention developer and the customer sign the […]
325A.04 MANDATORY CONTRACT FORM. Subdivision 1. Type size. A contract for invention development services shall set forth the information required in this section in at least 10-point type or equivalent size if handwritten. Subd. 2. Disclosure statement. The following disclosure statement shall be in boldface type and shall be located conspicuously on a cover sheet […]
325A.05 DISCLOSURES MADE PRIOR TO CONTRACT. Subdivision 1. Requirement. In either the first written communication from the invention developer to a specific customer or at the first personal meeting between the invention developer and a customer, the invention developer shall make a written disclosure to the customer of the information required in this section. Subd. […]
325A.06 FINANCIAL REQUIREMENTS. Subdivision 1. Surety bond. Every invention developer rendering, offering to render, or advertising invention development services in this state shall maintain a continuous corporate surety bond issued by a surety admitted to do business in this state, and equal to either ten percent of the invention developer’s gross income from the invention […]
325A.07 RESTRICTION ON USE OF NEGOTIABLE INSTRUMENTS. In connection with a contract for invention development services, the invention developer shall not take from a customer a negotiable instrument other than a check as evidence of the obligation of the customer. A holder is not a holder in due course if the holder takes a negotiable […]
325A.08 RECORDS. Every invention developer shall maintain all records and correspondence relating to performance of each invention development contract for a period of not less than three years after expiration of the term of the contract. History: 1977 c 288 s 8
325A.09 REMEDIES AND ENFORCEMENT. Subdivision 1. Compliance with other law. The provisions of sections 325A.01 to 325A.10 are not exclusive and do not relieve the parties or the contract from compliance with all other applicable provisions of law. Subd. 2. Compliance with act. Any contract for invention development services that does not comply with the […]
325A.10 CITATION. Sections 325A.01 to 325A.10 may be cited as the “Invention Services Act.” History: 1977 c 288 s 10
