I invented a device and a major company responded and they asked me to send a copy of my patent pending application and they also asked me to indicate: "the terms and conditions that would apply to any use of the invention by the company". OK, I'm 19 and I admit I don't quit understand what terms and conditions they are referring too! Any suggestions PLEASE.


Sincerly,
samicael

Michael,

First you don't send a copy of your application to nobody - ever.

You can send at first a description of the benefits of your invention and not how is made or what it is.

After they sign a "Non-Disclosure/non-compete Agreement" you may show them how the invention works, do not show them your application until they sign a "Licensing Agreement"

You can write back to them and ask them if they are interested in entering in a "Exclusive or Non Exclusive Licensing Agreement" that will help you decide on the "terms and conditions".

Terms and Conditions are part of a Licensing Agreement and include royalty percentage, fees, term of agreement in years and other terms related to the licensing.

You should buy and read some books from our bookstore of course... http://www.inventnet.com/bstore.html

Thank You for your response. And I will go and look at the books you suggested. I have another question; can you recommend a specific book that can help me figure out the royalty percentages, fees, and terms and conditions in years? I would greatly appreciate it.





Sincerely and Humbly,
samicael19[B]

It is hard to say which book you need because each book focuses on different aspects.

Get "License Your Invention" by Richard Stim to learn how to prepare you Licensing Agreement.
Royalties are anywhere from 20% to 1% depends on the product or industry and sales volume - no book for that... you should search the net for these figures.