Agreement To Release Intellectual Property Rights printable pdf download

Agreement To Release Intellectual Property Rights

AGREEMENT TO RELEASE

INTELLECTUAL PROPERTY RIGHTS

This Agreement effective [enter date] (“Effective Date”) is made by and between [enter

Institution name] (“Institution”) having an address at [enter Institution address] and the

Inventor (as defined below).

WHEREAS Institution owns all inventions conceived and/or first reduced to practice by its

employees in the course of fulfilling their employment duties and/or through the use of

Institution resources, including the invention described below (hereinafter the “Invention”);

WHEREAS the Inventor is interested in acquiring Institution’s rights in the Invention;

WHEREAS the Institution is willing to release its rights in the Invention to the Inventor;

NOW THEREFORE, in consideration of the mutual covenants herein contained and other good

and valuable consideration, receipt of which is hereby acknowledged, the parties agree as

follows:

ARTICLE I - DEFINITIONS

1.1

"Invention" shall mean the invention [Alternative A: described and claimed in enter

provisional application number, filing date and title] [Alternative B; described in

enter invention disclosure number, submission date and title]

1.2

“Inventor” shall mean the individual(s) determined to have made an inventive

contribution to the Invention. The Inventor is assumed by Institution and Inventor to be

[enter the name(s) of the inventor(s) and the address of each]. This is a basic

assumption on which this Agreement is based. If it is later learned that this assumption is

incorrect, this Agreement may be declared null and void by Institution.

1.3

“Net Income” shall mean all income received by Inventor from the licensing, sale or any

form of commercialization of the Invention less all out of pocket expenses incurred by

Inventor to commercialize the Invention, including expenses incurred to obtain patent

protection for the Invention.

Lisa Rich

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Agreement To Release Intellectual Property Rights