Tennessee Code 47-25-1209 – Acquiring interest in invention by developer
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 47-25-1209
- Contract: A legal written agreement that becomes binding when signed.
- 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 - 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
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 developer from contracting with a customer to receive a portion of any proceeds accruing to the customer as a result of performance of invention development services by the invention developer.