This document is an agreement between Mr. A and Mr. B to compromise an action for infringement of a patent held by Mr. A. Mr. A had filed suit against Mr. B for infringing the patent by manufacturing and selling articles covered by the patent. As part of the compromise, Mr. B will pay Mr. A a sum of money in satisfaction of all claims for damages from the infringement. Mr. B will also pay costs related to the lawsuit. Additionally, Mr. A will grant and Mr. B will accept a license to manufacture and sell articles according to the patent terms. Upon receipt of payment and acceptance of the license, Mr. A will withdraw the infringement lawsuit against Mr. B.
Original Description:
Original Title
AGREEMENT FOR COMPROMISE OF ACTION FOR INFRINGEMENT OF PATENT
This document is an agreement between Mr. A and Mr. B to compromise an action for infringement of a patent held by Mr. A. Mr. A had filed suit against Mr. B for infringing the patent by manufacturing and selling articles covered by the patent. As part of the compromise, Mr. B will pay Mr. A a sum of money in satisfaction of all claims for damages from the infringement. Mr. B will also pay costs related to the lawsuit. Additionally, Mr. A will grant and Mr. B will accept a license to manufacture and sell articles according to the patent terms. Upon receipt of payment and acceptance of the license, Mr. A will withdraw the infringement lawsuit against Mr. B.
This document is an agreement between Mr. A and Mr. B to compromise an action for infringement of a patent held by Mr. A. Mr. A had filed suit against Mr. B for infringing the patent by manufacturing and selling articles covered by the patent. As part of the compromise, Mr. B will pay Mr. A a sum of money in satisfaction of all claims for damages from the infringement. Mr. B will also pay costs related to the lawsuit. Additionally, Mr. A will grant and Mr. B will accept a license to manufacture and sell articles according to the patent terms. Upon receipt of payment and acceptance of the license, Mr. A will withdraw the infringement lawsuit against Mr. B.
AGREEMENT FOR COMPROMISE OF ACTION FOR INFRINGEMENT OF PATENT
THIS DEED of compromise is made at………………on this………………day……………
between A son of………………resident of………………(hereinafter called Mr. A) of the ONE PART and B son of………………resident of……………… (hereinafter called Mr. B) of the OTHER PART.
WHEREAS
(1) Mr. A is the registered proprietor of the patent (hereinafter called the Patent) No ………………dated………………within India for an invention relating to improvements in ........
(2) Mr. A alleges that Mr. B has infringed the patent by the unlawful manufacture and sale of………………articles made in accordance with the patent.
(3) On Mr. A has commenced an action being suit No......of ………………in the court of ………………against Mr. B claiming an injunction, damages and other reliefs in respect of such infringement, hereinafter called the said action, but Mr. B has not submitted any defence in the said action.
(1)Mr. A has agreed to withdraw the said suit upon the terms hereinafter contained
NOW THIS DEED WITNESSETH AS FOLLOWS.
(1) Upon the execution hereof, Mr. B shall pay a sum of Rs………………to Mr. A in full satisfaction of all claims, or damages by reason of such infringement of patent as aforesaid.
(2) Mr. B shall also pay Rs ………………to Mr. A as costs of the said action.
(3) Mr. A shall grant and Mr. B shall accept a licence in the form set out in the Schedule hereto for the manufacture and sale of articles in accordance with the patent and Mr. B shall manufacture and sell the articles in accordance with the terms and conditions of such licence.
(4) Mr. A covenants that immediately upon the payment and acceptance of licence by B as provided hereinbefore, he shall withdraw the suit filed by him in the court of………………against B for infringment of patent.
IN WITNESS WHEREOF, the parties have hereunto set and subscribed their respective hands the day, month and year first above written. The Schedule above referred to WITNESSES Signed and delivered by the within named A I.
An Example of The Arbitration Clause That Will Be Placed in The Commercial Agreements Has Been Shown in The Section On "Introduction To TOBB Arbitration" in This Book