Update: Innovation Direct™ seeks, receives update from Texas-based Innovation Direct To Industry™ company regarding signing of exclusive developmental licensing agreement; modifications to document by manufacturer still being clarified…
Hello, Juan C. Blanco, Innovation Direct™’s Director of Product Licensing, chiming in with our latest report. Earlier Wednesday, the Innovation Direct™ representative managing the Innovation Direct To Industry™ account of a Texas-based plumbing products manufacturer sent e-mail correspondence to the company’s Director of Strategic Initiatives, who serves as his contact, requesting an update on the status of the expected signing of an exclusive developmental licensing agreement for a plumbing product from our roster. We had most recently reported on this company and the product concept in a March 5th posting (“Update: Innovation Direct™ receives confirmation of signing of exclusive developmental licensing agreement from Texas-based Innovation Direct To Industry™ company; document expected to be received Monday as per e-mail received…“).
As we’d explained in that entry, the manufacture representative had stated he was expecting to be able to return the signed document to us this past Monday, March 9th, when he was expected back in his office. With two days having passed since that point, our aforementioned colleague opted to request an update.
We are pleased to report that we did receive a reply to our inquiry late Wednesday afternoon, wherein our contact explained that his legal department had made a few modifications to our exisiting version of the exclusive developmental licensing agreement , which he attached to his correspondence. After a Innovation Direct™ representative’s review of the requested changes, it was determined that a couple of them required further clarification. Specifically, the manufacturer’s legal department had made a particularly important change to the standard policy regarding royalties to be paid during the timeframe covered by the agreement, which will have to be explained and/or re-amended before we can proceed further.
Join us here on the Innovation Direct™ Blog for the latest updates to this developing situation!