SUBMITTED IDEA AGREEMENT

 

Date: _______________

 

Dear [SUBMITTER'S NAME]:

 

We understand that you wish to submit an idea or invention to us which you believe has commercial value. While we are willing to consider any unsolicited ideas or inventions which are submitted to us, we have found it important that we sides have a clear understanding of the conditions under which we will consider such an idea or invention. We will consider your idea or invention only if you agree to the following conditions:

 

1.   You need to agree that you have not submitted your idea to us in confidence.

 

2.   You need to agree that we do not need to keep your idea or invention secret and that we may disclose it to employees, consultants or other persons for its evaluation.

 

3.   You need to agree that you will rely solely on such rights as may be afforded to you by the patent and copyright laws in protecting your idea or invention. You need to agree that our consideration of your ideal or invention will not affect our right to contest the validity of any such patents and copyrights.

 

4.   We will give your idea or invention such consideration as we believe that it deserves. You need to agree that if we reject your idea or invention that we will not be obligated to provide you with any reason for our rejection and we will not need to give you the results of our evaluation.

 

5.   If we do wish to obtain the rights to your idea or invention, we will do so only if we can agree to terms and enter into a written agreement setting out our respective rights and responsibilities.

 

6.   You need to agree that we will be under no obligation to reveal any information to you regarding our business or activities, either in the general area or specific field to which you submitted idea pertains.

 

7.   You need to assure us that, to the best of your knowledge, you are the sole originator, you are the exclusive owner, and you have the legal right to negotiate with us concerning the idea or invention that you are submitting to us for evaluation.

 

8.   We have at present no business or other relationship with you. You need to agree that no confidential or fiduciary relationship, either express or implied, is being created by reason of the fact that we will consider your idea or invention.

 

If you agree to these terms and conditions, please indicate your assent by signing, dating and returning to us the enclosed photocopy of this letter.

 

Very truly yours,

 

 

[NAME]

 

 

I SO AGREE:

 

_______________________

 

[SUBMITTER'S NAME]

 

Date: