Virginia Code 59.1-212: Reports to customer required
With respect to every contract for invention development services, the invention developer shall deliver to the customer at the address specified in the contract at least at quarterly intervals throughout the term of the contract a written report which identifies the contract and which includes:
Terms Used In Virginia Code 59.1-212
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Customer: means any person, firm, partnership, corporation, or other entity that enters into a contract for invention development services with an invention developer. See Virginia Code 59.1-208
- Includes: means includes, but not limited to. See Virginia Code 1-218
- Invention developer: means any person, firm, partnership, corporation, and any agent, employee, officer, partner or independent contractor thereof, that advertises invention development services in media of general circulation or that contracts with customers procured as a result of such advertisement. See Virginia Code 59.1-208
- Invention development: means the evaluation, perfection, marketing, brokering, or promotion of an invention by an invention developer, including a patent search, preparation of a patent application, or any other act done by an invention developer for consideration toward the end of procuring or attempting to procure a license, buyer or patent for an invention, but shall not include those acts undertaken by attorneys in the practice of their profession, other persons duly registered to practice before the U. See Virginia Code 59.1-208
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
1. A full, clear and concise description of the services performed to the date of the report and of the services yet to be performed; and
2. A full accounting of the application of the proceeds of the fee referred to in subdivision 6 of § 59.1-213 to the date of the report; and
3. The name and address of each and every person, firm or corporation to whom the subject matter of the contract has been disclosed, the reason for each and every disclosure, and copies of all responses received as a result of such disclosures.
1977, c. 649.