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Alex Reese
Alex Reese, Lawyer
Category: Intellectual Property Law
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Experience:  Experienced in intellectual property law
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I have a patent on a medical device. I assigned the patent

Customer Question

I have a patent on a medical device. I assigned the patent to a newly formed NASDAQ company. The first royalty payment is due July 1, 2013. The company is in arrears of $20,000 in consultant fees owed to me and I fear that they will not make the first Royalty payment when due. What are my right in revolking the patent assisgnment if the Royalty payment is no paid on time?
Submitted: 1 year ago.
Category: Intellectual Property Law
Expert:  Alex Reese replied 1 year ago.

Alex Reese :

hello

Alex Reese :

this will depending on the termination provisions in your license agreement

Alex Reese :

"depend"

Alex Reese :

your agreement should cover your rights and remedies in the event that the licensee does not hold up their end of the bargain

Alex Reese :

revoking the assignement is a drastic measure that you not be able to carry out legally unless it is permitted by the license agreement

Alex Reese :

these agreeements usually have provisions describing what consitutes a material breach of contract and what you can do if there is a breach. also, they typically have the payment terms and consequences for late/non pay'ment

Alex Reese :

so the first step is to examine the agreement carefully

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