Agreement Between Joint Patentees
| Updated at | March 2010 |
AGREEMENT made at ...... this ..... day of. .... between Mr.Sharad Bharghavresiding at ...... hereinafter referred to as 'the Party of the First Part, and Mr.Wilson Devresiding at ..... .hereinafter referred to as, the Party of the Second Part.
WHEREAS --
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Both the Parties hereto have invented a machine and have proposed registration of a Patent in respect thereof under the Patents Act, 1970.
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The broad particulars of the Patent are given in the Schedule hereunder written.
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The Parties desire to record their mutual understanding regarding the said patent in the manner following.
NOW IT IS AGREED BETWEEN THE PARTIES HERETO AS FOLLOWS:
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The Parties shall apply for registration of the said patent under the said Act jointly and shall co-operate with each other in doing all acts and things required to be done in connection therewith, through the Patent Agent.
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The said Patent shall be held jointly by the parties hereto in equal right and for equal benefits.
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No Party hereto shall assign or give on license basis to any other person, his rights and benefits in the said patent without the consent of the other.
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In the event of any Party desiring to assign or part with his rights in the said Patent, he shall give to the other party hereto the first option to purchase his rights therein, at such price as may be agreed upon and in the event of any difference of opinion, the price will be decided by ... who is the Parties' Patent Agent.
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The cost of obtaining the patent right will be borne by the Parties hereto in equal shares.
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All the profits or earnings that will be earned by exploiting the Patent will be shared equally between the Parties.
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None of the Parties hereto shall enter into any agreement for exploitation or use of the said Patent without the consent of the other.
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In the event of any dispute between the Parties arising out of this agreement or otherwise, howsoever...
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