FAQs about Inventions & Patents
Question: What is a license?
Answer - A license is a legal agreement, subject to Federal, state, and local regulatory authorities, by which a patent owner promises not to take action to exclude the licensed party from making, using, or selling a potential invention.
Question: What is the Federal mandate that requires an extramural invention tracking system?
Answer - New provisions to the Code of Federal Regulations came with the enactment of the Bayh-Dole Act of 1980. These provisions (CFR) stipulated the need for all grantees or contractors to report on activities involving the disposition of certain intellectual property rights.
Question: Can I obtain a world-wide license?
Answer - Usually, the licensing of inventions is granted on a worldwide basis although this is not required.
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