Chapter 325A — Invention Services Act

325A.01 Definitions This section defines the key terms used in the Invention Services Act, which regulates companies that offer to help … 325A.02 General Contract Regulation Every contract for invention development services must be in writing and must be given to the customer in fully signed … 325A.03 Right of Cancellation A customer who signs a contract for invention development services has an unconditional right to cancel the contract for … 325A.04 Mandatory Contract Form Contracts for invention development services must include specific required disclosures on a separate cover sheet in … 325A.05 Disclosures Made Prior to Contract Before a contract is signed, an invention development company must provide the customer with written disclosures in … 325A.06 Financial Requirements Every invention development company must maintain a continuous surety bond equal to at least $50,000 or ten percent of … 325A.07 Restriction on Use of Negotiable Instruments An invention development company can only accept a personal check from a customer as proof of payment. They cannot take … 325A.08 Records Every invention development company must keep all records and correspondence related to each contract for at least three … 325A.09 Remedies and Enforcement A contract that does not comply with the Invention Services Act is unenforceable against the customer, unless the … 325A.10 Citation Sections 325A.01 through 325A.10 together form the 'Invention Services Act,' which governs companies that charge fees to …