Effective 28 Aug 1995
417.406. Contract for invention development services, form, content. — Every contract for invention development services shall set forth in at least 10-point boldface type, or equivalent size if handwritten, all of the following:
(1) A full and detailed description of the acts or services that the invention developer undertakes to perform for the customer. To the extent that the description of acts or services grants the invention developer discretion to decide what acts or services are to be performed by the invention developer, the invention developer shall exercise that discretion to promote the best interests of the customer;
(2) A statement whether the invention developer undertakes to construct one or more prototypes, models, or devices embodying the customer's invention;
(3) A statement whether the invention developer undertakes to sell or distribute one or more prototypes, models or devices embodying the customer's invention;
(4) The name of the person or firm contracting to perform the invention development services, the name under which said person or firm is doing business as an invention developer, and the name of any parent, subsidiary or affiliated company that may engage in performing the invention development services;
(5) The invention developer's principal business address and the name and address of his agent in the state of Missouri authorized to receive service of process;
(6) The business form of the invention developer, whether corporate, partnership, or otherwise;
(7) If an oral or written estimate of projected customer sales, profits, earnings or royalties is made by the invention developer, the contract shall state the estimate and the data on which the estimate is based;
(8) The name and address of the custodian of all records and correspondence relating to the performance of the invention development services;
(9) The expected date of completion of the invention development services, whether time is of the essence, and whether the terms include provisions in case of delay past the expected date of completion;
(10) The terms and conditions of payment and contract termination rights as set forth in section 417.412; and
(11) The extent to which the contract effectuates or makes possible the acquisition by the invention developer of an interest in the title to the customer's invention.
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(L. 1995 S.B. 80 & 88)
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