Intellectual Property Ownership Agreement
Prepared by: [YOUR NAME]
Email: [YOUR EMAIL]
Company: [YOUR COMPANY NAME]
Address: [YOUR COMPANY ADDRESS]
Website: [YOUR COMPANY WEBSITE]
Date: June 1, 2050
This Intellectual Property Ownership Agreement (the "Agreement") is entered into as of the above date between Berta Flatley, having a principal address at Spokane, WA 99201, and Naomi Ortiz, having a principal address at Irving, TX 75038. The purpose of this Agreement is to establish clear ownership and usage rights over the intellectual property (IP) resulting from the collaboration, employment, or commissioned work described herein.
I. Scope of the Agreement
This Agreement governs the ownership of all intellectual property, including but not limited to copyrights, trademarks, patents, trade secrets, and other proprietary materials developed in connection with the creation of a custom e-commerce platform with proprietary features. It applies to IP created from June 1, 2050, through June 1, 2055.
II. Definition of Intellectual Property
Intellectual Property (IP): Includes all inventions, designs, documents, software, and other creations.
Work Product: Refers to all IP produced by Berta Flatley or Naomi Ortiz during the term of this Agreement.
Excluded IP: Pre-existing works owned by either party and explicitly listed in Schedule A of this Agreement.
III. Ownership of Intellectual Property
Employer Ownership: All IP developed by Berta Flatley under the employment of Naomi Ortiz shall be the sole property of Naomi Ortiz.
Freelancer/Contractor Ownership: Unless otherwise assigned, the creator of the IP retains all rights, but Naomi Ortiz is granted a perpetual, royalty-free license to use the deliverables.
Joint Ownership: If co-developed, each party shall own an equal 50% interest, unless otherwise agreed.
IV. Assignment of Rights
Berta Flatley hereby assigns all rights, title, and interest in the IP to Naomi Ortiz effective as of June 1, 2050. This assignment includes future works created during the term of this Agreement. In the event of IP transfer, both parties agree to execute all necessary documents to perfect the assignment.
V. Usage and Licensing Rights
Exclusive Rights: Naomi Ortiz holds exclusive rights to commercialize, license, or distribute the IP.
Non-Exclusive Rights: Berta Flatley retains the right to display the work in portfolios or for non-commercial purposes with prior written approval.
VI. Confidentiality
Both parties agree to maintain confidentiality regarding proprietary information disclosed during the project. This clause remains in effect until June 1, 2060, or until the information enters the public domain through no fault of the receiving party.
VII. Compensation and Royalties (if applicable)
Milestone | Description | Due Date | Amount | Payment Status |
|---|
Milestone 1 | Draft Submission | August 1, 2050 | $10,000 | Pending |
Milestone 2 | Final Delivery | October 15, 2050 | $20,000 | Pending |
VIII. Dispute Resolution
In the event of a dispute, both parties agree to resolve conflicts through arbitration under the rules of the American Arbitration Association (AAA). The arbitration shall take place in Pittsburgh, PA, and the decision shall be final and binding.
By signing below, both parties acknowledge and agree to the terms outlined in this Agreement.
Berta Flatley
Date: June 1, 2050
Naomi Ortiz
Date: June 1, 2050
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