Ownership Agreement
Ownership Agreement
This Ownership Agreement ("Agreement") is made and entered into as of July 12, 2050, by and between [Your Name], located at 4590 Francis Mine Rancho Cordova, CA 95670, and [Party B], located at3409 Elk Avenue Lansing, MI 48912, collectively referred to as the "Parties."
1. Ownership of Intellectual Property
1.1. Definition: For this Agreement, "Intellectual Property" shall refer to all patents, trademarks, copyrights, trade secrets, proprietary information, know-how, and any other intellectual property rights, whether registered or unregistered, owned or developed by the Parties.
1.2. Individual Contributions: Each Party hereby acknowledges and agrees that any Intellectual Property developed, created, or otherwise contributed to by them in connection with the performance of duties or services under this Agreement shall remain the sole property of the Party who developed or contributed to it.
1.3. Joint Ownership: If the Parties collaborate or jointly develop Intellectual Property during this Agreement, they agree to jointly own such Intellectual Property. Each Party shall have an equal undivided interest in the joint Intellectual Property, and neither Party shall have the right to transfer or assign its interest in the joint Intellectual Property without the prior written consent of the other Party.
2. Use and Licensing
2.1. Non-Exclusive License: Each Party hereby grants to the other Party a non-exclusive, worldwide, royalty-free license to use, reproduce, modify, display, perform, distribute, and sublicense the Intellectual Property solely to perform duties or services under this Agreement.
2.2. Limitations: The license granted herein shall be limited to the scope of this Agreement and shall not extend to any other use or exploitation of the Intellectual Property without the express written consent of the owning Party.
2.3. No Modification of Ownership Rights: The license granted under section 2.1 shall not in any way modify or affect the ownership rights of the Intellectual Property held by either Party.
3. Protection of Intellectual Property
3.1. Confidentiality: Each Party agrees to keep all Intellectual Property confidential and to use reasonable efforts to protect such Intellectual Property from unauthorized disclosure or use.
3.2. Ownership Notice: Each Party agrees to include appropriate ownership notices on all materials embodying or containing Intellectual Property, indicating the ownership rights of the respective Party.
3.3. Non-Use of Intellectual Property: Each Party agrees not to use the Intellectual Property of the other Party for any purpose other than the fulfillment of the obligations outlined in this agreement without prior written consent from the owning Party.
4. Dispute Resolution
4.1. Mediation: In the event of any dispute arising out of or relating to this Agreement, the Parties agree to first attempt to resolve the dispute amicably through mediation conducted by a mutually agreed-upon mediator.
4.2. Arbitration: If the Parties are unable to resolve the dispute through mediation, the dispute shall be resolved by binding arbitration conducted under the rules of the American Arbitration Association. The decision of the arbitrator shall be final and binding upon the Parties.
33. Litigation: If both mediation and arbitration do not succeed in providing a resolution to the dispute, either of the involved Parties reserves the right to then resort to seeking a resolution through litigation in a court of law that has the appropriate jurisdiction over the matter.
5. Governing Law and Jurisdiction
5.1. Governing Law: This Agreement shall be governed by and construed under the laws of [State/Country], without regard to its conflicts of law principles.
5.2. Jurisdiction: Any legal action or proceeding arising out of or relating to this Agreement shall be brought exclusively in the state or federal courts located in [County, State/Country], and the Parties hereby consent to the jurisdiction of such courts.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.
[Your Name]
[Date Signed]
[Party B]
[Date Signed]
