As used in this part, unless the context otherwise requires:

(1) “Contract for invention development services” includes a contract by which an invention developer undertakes to develop or promote an invention for a customer;

Terms Used In Tennessee Code 47-25-1201

  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • Contract: A legal written agreement that becomes binding when signed.
  • Contract for invention development services: includes a contract by which an invention developer undertakes to develop or promote an invention for a customer. See Tennessee Code 47-25-1201
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Customer: includes any person, firm, corporation, or other entity that is solicited by, inquires about or seeks the services of, or enters into a contract for invention development services with, an invention developer, except:
    (A) Any department or agency of the federal, state, or local government. See Tennessee Code 47-25-1201
  • fee: includes any payment made by the customer to such entity, including reimbursements for expenditures made or costs incurred by such entity, but does not include any payment made from a portion of the income received by a customer by virtue of invention development services performed by such entity. See Tennessee Code 47-25-1201
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Invention: means :
    (A) An invention. See Tennessee Code 47-25-1201
  • Invention developer: means any person, firm, corporation, or association, and the agents, employees, or representatives of such person, firm, corporation, or association that develops or promotes or offers to develop or promote an invention, except:
    (A) Any department or agency of the federal, state, or local government. See Tennessee Code 47-25-1201
  • Invention development services: includes acts required or promised to be performed, or actually performed, or both, by an invention developer for a customer. See Tennessee Code 47-25-1201
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(2) “Customer” includes any person, firm, corporation, or other entity that is solicited by, inquires about or seeks the services of, or enters into a contract for invention development services with, an invention developer, except:

(A) Any department or agency of the federal, state, or local government;
(B) Any charitable, scientific, educational, religious, or other organization qualified under § 501(c)(3) or described in § 170(b)(1)(a) of the Internal Revenue Code of 1954, as amended; and
(C) Any person, firm, corporation, or other entity regularly engaged in a trade, business, or profession, which has either a net worth of one hundred thousand dollars ($100,000) or more or gross receipts from any source of fifty thousand dollars ($50,000) or more during the calendar year in which any contract for invention development services is signed;
(3) “Invention” means:

(A) An invention;
(B) An idea;
(C) A concept; or
(D) Any combination thereof;
(4) “Invention developer” means any person, firm, corporation, or association, and the agents, employees, or representatives of such person, firm, corporation, or association that develops or promotes or offers to develop or promote an invention, except:

(A) Any department or agency of the federal, state, or local government;
(B) Any charitable, scientific, educational, religious, or other organization qualified under § 501(c)(3) or described in § 170(b)(1)(a) of the Internal Revenue Code of 1954, as amended;
(C) Any person, firm, corporation, association, or other entity whose gross receipts from contracts for invention development services, as defined in subdivision (5), do not exceed ten percent (10%) of its gross receipts from all sources during the fiscal year preceding the year in which any contract for invention development services is signed; or
(D) Any person, firm, corporation, association, or other entity that does not charge a fee for invention development services. For the purposes of this subdivision (4)(D), “fee” includes any payment made by the customer to such entity, including reimbursements for expenditures made or costs incurred by such entity, but does not include any payment made from a portion of the income received by a customer by virtue of invention development services performed by such entity; and
(5) “Invention development services” includes acts required or promised to be performed, or actually performed, or both, by an invention developer for a customer.
  Previous section
Next section  
 Part 12 Contents