US Legal Protections For Inventors
After a massive fraud was being launched by a significant amount of invention promotion companies the 1999 American Inventors Protection Act (AIPA) established disclosure requirements for invention promotion firms. These disclosure requirements include:
- the total number of inventions evaluated by the invention promoter for commercial potential in the past 5 years, as well as the number of those inventions that received positive evaluations, and the number of those inventions that received negative evaluations;
- the total number of customers who have contracted with the invention promoter in the past 5 years, not including customers who have purchased trade show services, research, advertising, or other nonmarketing services from the invention promoter, or who have defaulted in their payment to the invention promoter;
- the total number of customers known by the invention promoter to have received a net financial profit as a direct result of the invention promotion services provided by such invention promoter;
- the total number of customers known by the invention promoter to have received license agreements for their inventions as a direct result of the invention promotion services provided by such invention promoter; and
- the names and addresses of all previous invention promotion companies with which the invention promoter or its officers have collectively or individually been affiliated in the previous 10 years.
The American Inventors Protection Act also provides civil penalties that can be assessed against invention promotion firms engaged in fraudulent or deceptive practices, defined by the FTC as "invention promotion scams".
The USPTO and the FTC both provide guidelines for finding legitimate invention development, prototyping and promotion firms, that comply with the AIPA.
Read more about this topic: Invention Promotion Firm
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