Consumer Law, Warranties What type of Agreement do I need?

[dw1210]

I am entering into a business relationship with a man that already has a patent for his product. I am providing services in return for half of the business that we hope to gain. He said he would put my name on the patent..but I have determined that once filed, you can not do that. So I was told that a legal agreement would be fine. He would state that he is giving me 1/2 of the royalties from this product in return for my services and experience (blah blah blah).
What type of attorney do I need to draw up this agreement?
Is there a specific type of agreement that this is called?
Is it legal and binding if this product goes global?
What other thoughts do you have on how to protect myself from this guy using me to get his product going and then cutting me out of the profits?

 

[Michael Wechsler]

1) A good attorney specializing in licensing and contracts can help you, specifically intellectual property. We can help you with that if you need it and you can take out a support ticket.

2) The attorney will know how to set this up. There are various ways and it may be beneficial to create another legal entity (company) to manage the patent's royalties and licensing.

3) What royalties and whether it is global as well as other terms are up to you and the patent-holder to decide.

4) Remember it is his patent. He might be looking at you wondering whether you'll just want to get half the patent and then coast. My guess is that there will be various performance clauses that need to be reached before you can even think of getting equity. The patent holder's attorney will likely make sure something of this nature is in place - makes sense. Good luck in your endeavor and let us know if you need the assistance.