19:50
this is what i feel like when i get one single drill question right
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Simple English definitions for legal terms
grantback
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A quick definition of grantback:
Grantback: When someone creates something new, like a special invention or idea, they might get a special right called a patent to protect it. Sometimes, they might let someone else use their invention or idea, but they want to make sure they still own it. So, they make a special rule called a grantback that says if the other person makes any improvements to the invention or idea, they have to give it back to the original owner. It's like sharing, but still keeping what's yours.
A more thorough explanation:
Definition: A grantback is a provision in a license agreement that requires the licensee to give back to the licensor any improvements made to a patent or other proprietary right.
Example: Let's say Company A licenses a patent to Company B. The license agreement includes a grantback provision that requires Company B to assign any improvements made to the patent back to Company A. If Company B develops a new and improved version of the patented technology, they must give the rights to that improvement back to Company A.
Explanation: The grantback provision ensures that the licensor retains control over any improvements made to their patented technology. This can be beneficial for the licensor, as it allows them to continue to develop and improve their technology without having to rely solely on their own resources. For the licensee, the grantback provision may be a disadvantage, as it limits their ability to fully benefit from any improvements they make to the licensed technology.