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This is an expressed agreement between _______________________________________________
(“Disclosing Party”), the inventor, and Innoventive Patent Group LLC, and employees, advisers and affiliates (“Receiving Party”).
The Disclosing Party has developed certain confidential proprietary information relating to
___________________________________________ which it wishes to remain confidential upon
disclosure to the Receiving Party. The Disclosing and Receiving Parties mutually desire such information be provided by the Disclosing Party to the Receiving Party so that such information be used for subjective evaluation of the potential inventive concept(s) of such intellectual property.
All confidential information and intellectual property will remain the property of the Disclosing Party, with rights intact. Nothing in this agreement is intended to grant any rights under any copyright or patent to the Receiving Party. The Receiving Party recognizes the Disclosing Party’s interest in disclosing the inventive concept, in preserving the proprietary and confidential nature of the information provided.
Confidential and proprietary information is revealed to the Receiving Party in strict confidence. Receiving Party shall not use, or induce others to use, any of the confidential information provided for any purpose whatsoever, nor shall it disclose or reveal any of the information disclosed.
Upon Disclosing Party’s request, Receiving Party will deliver all information pertaining to the Disclosing Party’s disclosure and proprietary property in the Receiving Party’s possession. Receiving Party will receive the information and evaluate the product and provide feedback to Disclosing Party.
The duties of the Receiving Party under this agreement to keep the Confidential Information confidential shall expire five (5) years from the signing date of this agreement. The agreement shall be amended only using a writing signed by both the Disclosing and Receiving Parties. This agreement shall be governed by and construed in accordance with the laws of the State of Arizona. Any dispute under this Agreement that cannot be settled by the parties themselves or with the assistance of a mediator within one month of notice of the dispute will be settled by arbitration by a single arbitrator in accordance with the rules of the American Arbitration Association, both mediation and arbitration to be held in Phoenix, AZ.
Each party will pay its own expenses of mediation and arbitration and equally share the mediator/arbitrator’s fee.
Before signing this document and thereby entering into this Agreement you are encouraged to consult with advisors of your choosing.