You are about to agree to the terms of this proposal.
You clearly have a product idea, and you like to be licensed and agree that you have barely scratched the surface when it comes to finding potential business for it.
We would like to help you remedy this situation through proven methods: joint ventures, strategic alliances, and corporate partnerships that will enable you to sell your idea. This agreement presents an action plan for developing the sales of the licensing opportunity for your invent-idea, the role we would play in developing them, and our compensation for the project.
Our Role - Q&A
Licensing Facilitator Program
You will provide a detail idea description, using pictures or hand sketches to illustrate the best of your abilities the invention and a list of specific applications.
You will also submit an invention performance wish list, a detail of future improvements and a one sentence benefits statement to describe the reason to purchase this product.
Similar goods and US Patent search.
After you provide a detail Invention Idea Description, we will look for similar patents and products Online using boolean operators.
The results and findings of preliminary patent search will be reported to you.
Invention manufacturability analysis.
Based on our knowledge and experience we will determine if the product design is manufacturable, and what will be the Rough Order of Magnitude Cost of Manufacturing.
We will prepare Nondisclosure Agreements for potential licensee's, manufacturers or alliances.
Detailed CAD designs.
CAD drawings needed to be used in a proof of concept prototype and virtual prototypes.
Part cost and labor detail involved creating the "Proof-of-Concept Prototype."
This prototype style bears little resemblance to the final product but is used to validate the idea and prove feasibility also to be used to obtain intellectual property or to show to Companies.
Photorealistic renderings will be utilized in the One-page sales sheet and or in any marketing material.
Component Patent Drawings we will create all drawings necessary to
What is a "Proof-of-Concept Prototype"?
The first phase of a product prototype that bears little resemblance to the final product but is used to validate the idea and prove workability. A Proof-of-Concept Prototype is also used for acquiring intellectual property and to present to investors for raising money.
Why the "Design Prototype" is part of Phase Two?
After changes and revisions are achieved in the CAD from what we learned from the Proof of concept prototype, we will start the Prototype Second Phase. CAD changes needed to improve the existing mechanics. CAD Changes delivered from ergonomics or easy to... or cosmetics, or new ideas related to the product are not included and will be quoted separately.
The second phase of a product prototype that has the functional and aesthetic characteristics of the ultimate product and is produced using quick fabrication techniques. A design prototype is used to operate as the final design and manufacturing details and to receive feedback from distributors, buyers, and retailers. This design prototype has the tendency to be expensive in nature, and could involve different marketing specialties.
US Provisional Application (PPA) and filing.
A PPA application is a 1-year reservation for your utility use. It looks similar, and can serve as a "priority application" to a regular utility patent application filed within 12 months. Providing the product developer with the ability to claim "patent pending" on the invention.
Sales sheet development.
A one-page sales sheet will be developed from your invention description and submit for your approval. If more than one sheet has to be created or changed, will be handled on a Change Order basis.
One minute Video sell sheet.
will be developed and uploaded in a "privately posted" clause. This one minute video will be designed from your invention description and submit for your approval. If more than one sheet has to be created or changed, will be handled on a Change Order basis.
or any changes to Work in Progress by the client shall be handled on a Change Order basis. No work changes begin without a written approval of a Change Order from the inventor and will be billed separately. This change orders will be a time and materials basis based upon the direction from the Client, and invoice at $80.00/hr.
At this time in the process, we will negotiate with the inventor the terms of a Retainer Agreement to be signed, generally is between 20 and 50 percent of your net income from the license. If we don't reach such agreement, SolidMasters will terminate the support services, where the client keeps all the created material and all the rights to use it.
Licensing Contract Program
List of 10 potential licensing companies.
We are going to create a list of ten Companies were matching your product invention, as "Licensee Ideal Match."
Target leads and contact information. We will make an effort to identify who will be be the right person inside the company. to introduce your Invention.
Request for Introductions. I order to find the right person we will reach out to our network and rich out for introductions to target leads.
Submission letters will be tailored to match the recipient company and style.
Product Presentation. We will submit the licensing material as per licensing company request. Expenses not included.
Terms sheet development. After completing the submission process, we develop, with your consent and agreement to present a terms sheet to the licensee company. Expenses not included.
Licensing Contract Negotiation
What percentage can I expect as a royalty? Something between one and ten percent. For a mass-produced consumer item for which competition is fierce, most likely the royalty will be close to one percent. For fad items that will have a limited life, and for which there is little or no competition, you may get as much as ten percent. Most inventions license for around five percent or less.
Advice and negotiate terms base on Licensing business conditions, Advances, Product Improvements, Royalty Rates, Guarantees, Performance requirements, Territories, Termination clauses. Expenses not included.
If a presentation or negotiation has to be made in person, all expenses for travel, meals, and lodging will be evidenced by receipts and billed to the Client at cost.
Our compensation will be based on revenue sharing for services rendered. Acting as your collaborator shall devote our best efforts to providing the services related to the licensing of your invention.
We define our involvement as "work for hire" and the retribution will be a percentage of revenue, and the distribution rate will be negotiated in every assignment, and bonded by a royalty sharing agreement.
TERMS AND CONDITIONS
The following terms and conditions shall apply to all services performed by SolidMasters LLC pursuant to this proposal to which these terms and conditions are attached. These terms and conditions form integral parts of the Proposal relating to the design project described herein and are hereby
SolidMasters requires a $$2,810.non refundable payment at the beginning of the project. One time payment includes a $224 single payment discount. 10 payments equals a total of $2,586.
The Client shall indemnify, defend and hold SolidMasters, its agents, employees, subcontractors, successors and assigns, harmless from and against any claims, loss, damage, injury, death or other liability, including reasonable attorneys’ fees (“Liabilities”) arising out of or resulting from the Project, including but not limited to Liabilities arising out of, resulting from or based upon (a) any act or omission of the Client or the Client’s agents, employees, subcontractors or vendors; (b) the condition of any premises, the equipment or other property being used or operated by any of SolidMasters’ or the Client’s agents, employees, or subcontractors; (c) claims for, or based upon theories of, product liability; or (d) claims for an infringement of intellectual property of third parties. For the purposes hereof, the term “Liabilities” shall include, without limitation, all costs and expenses of modifying or creating new designs if the original design(s) infringe or are claimed to infringe the intellectual property rights of third parties.
Termination by Client:
The client may stop work in progress at any time by written notice to SolidMasters. Should SolidMasters services be terminated or postponed, the client will pay for all fees and costs incurred as necessary to effect an orderly completion and termination of the Project.
SolidMasters cannot be responsible for delays due to circumstances beyond its reasonable control, including but not limited to labor disputes, delays of third party subcontractors or vendors, fires, earthquakes and other unavoidable casualties. In the unlikely event that such unforeseen circumstances may arise, preventing timely completion of the project, SolidMasters will notify the client in writing, specifying the circumstances and estimating the new date of completion. The client is responsible for timely issuance of approvals and information regarding engineering or design decisions, changes in Scope of Work and/or schedule, and any other information which will affect the timely completion of the Project.
The client is also responsible for the timely performance of its employees, subcontractors and vendors. SolidMasters will not be responsible for changes in schedule or costs as a result of such delays or damages resulting from that which is the client’s responsibility.
Limitation of Liability:
SolidMasters makes no warranties, express or implied, unless and except as specifically set forth in the Proposal. SolidMasters’ liability for any damages is expressly limited to the amount paid to SolidMasters by the Client for SolidMasters’ services in connection with the Project. In no event shall SolidMasters be liable for special, incidental or consequential damages. SolidMasters shall not be responsible for product certification of testing (FDA or otherwise) but will assist the Client, at the Client’s sole cost and expense, in obtaining such certifications and approvals at SolidMasters’ Standard Rates. SolidMasters retains the right to discontinue all Work in the event that any payment due to SolidMasters from the client is not made on a timely basis.
For a period two (2) years from the completion of the client’s project, the client will not solicit, directly or indirectly, or provide employment to any SolidMasters employee working on the client’s project, or retain any SolidMasters employee as an independent contractor, without the express written prior consent of SolidMasters.
The Terms and Conditions set forth herein constitute the complete and exclusive understanding of the Parties with respect to the subject matter hereof and supersede all prior oral or written understandings between the parties. The Terms and Conditions set forth herein shall be binding upon and inure to the benefits of the successors and permitted assigns of SolidMasters and the client. These Terms and Conditions may not be assigned without the express written consent of the non-assigning party.
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