Innovation Direct™ sends licensing agreement dissolution letter to Illinois-based electronics manufacturer…
Hello, Juan C. Blanco, Innovation Direct™’s Director of Product Licensing, checking in with an update on a previously licensed product. Earlier Friday, a Innovation Direct™ representative sent a letter officially dissolving a licensing agreement for a consumer electronics product that had been officially licensed by an Illinois-based manufacturer back in August 2006. This action came at the request of the inventor, who had been attempting to reach the company for several months without success regarding the status of the product’s commercialization.
The inventor requested that Innovation Direct™ cite the clause in the licensing agreement that emphasized his right to terminate it immediately any time after the first year had passed if the company had failed to commence the manufacturing and marketing of the product. Accordingly, today’s correspondence indeed emphasized that provision as the overriding reason for the cessation of the agreement, and also reminded the company that they had to perpetually abide by the terms of the non-disclosure agreement regarding the concept they had originally signed back in November 2005.
We will now renew our efforts to locate a licensee for this product idea and will alert you if and when any developments occur. Check in frequently!