(a)

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Terms Used In Tennessee Code 47-25-1206

  • Contract: A legal written agreement that becomes binding when signed.
  • Customer: includes any person, firm, corporation, or other entity that is solicited by, inquires about or seeks the services of, or enters into a contract for invention development services with, an invention developer, except:
    (A) Any department or agency of the federal, state, or local government. See Tennessee Code 47-25-1201
  • Invention: means :
    (A) An invention. See Tennessee Code 47-25-1201
  • Invention developer: means any person, firm, corporation, or association, and the agents, employees, or representatives of such person, firm, corporation, or association that develops or promotes or offers to develop or promote an invention, except:
    (A) Any department or agency of the federal, state, or local government. See Tennessee Code 47-25-1201
  • Invention development services: includes acts required or promised to be performed, or actually performed, or both, by an invention developer for a customer. See Tennessee Code 47-25-1201
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(1) Notwithstanding any contractual provision to the contrary, the invention developer and the customer shall each have the right to cancel a contract for invention development services for any reason at any time within seven (7) days of the date the invention developer and the customer sign the contract.
(2) Cancellation shall be effected by written notice mailed or delivered to the invention developer or the customer. If the notice is mailed, it must be postmarked by twelve o’clock midnight (12:00) of the last day of the cancellation period. If the notice is delivered, it must be delivered by the end of the invention developer’s normal business day. Within five (5) business days after receipt of such notice of cancellation by the customer, the invention developer shall return to the customer, by mail, all moneys paid and all materials provided by the customer.
(b)

(1) Subsection (a) shall apply to every contract executed between an invention developer and a customer.
(2) Each such contract shall contain the following statement in ten (10) point boldface type immediately above the place at which the customer signs the contract:

“The seven-day period during which you may cancel this contract for any reason by mailing or delivering written notice to the invention developer will expire on ____________________ (Last date to mail or deliver notice)

If you choose to mail your notice, it must be placed in the United States mail properly addressed first class postage prepaid and postmarked before twelve o’clock midnight (12:00) of this date. If you choose to deliver your notice to the invention developer directly, it must be delivered to that party by the end of that party’s normal business day on this date. The invention developer also has the right to cancel this contract by notice similarly mailed or delivered.”

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