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Alex Reese
Alex Reese, Lawyer
Category: Intellectual Property Law
Satisfied Customers: 3424
Experience:  Experienced in intellectual property law
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I sold some intellectual property in the form of a patent

Customer Question

I sold some intellectual property in the form of a patent application for $50,000 with $15,000 due with the application filing and the remaining $35,000 due if and when a patent is granted. The company ( buyer) paid the first $15,000 but refuses to even acknowledge my invoice for the remaining $35,000 now that a patent was granted on July 28, 2015. Do I have a right to rescind ownership for non-payment?
Submitted: 1 year ago.
Category: Intellectual Property Law
Expert:  Alex Reese replied 1 year ago.

hello, yes that is a breach of contract so you have the right to void the sale unless they complete payment within a reasonable time.

Expert:  Alex Reese replied 1 year ago.

You should give them a formal notice (if you haven't already) stating their failure to complete payment as promised, that it is a material breach of the agreement and that they must pay immediately (give them 7 days for example) or else the agreement is terminated

Customer: replied 1 year ago.
Than you for your answer.
Expert:  Alex Reese replied 1 year ago.

please rate me thanks

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