Within the U.S. a patent is an intellectual property that gives the inventor certain exclusive rights over their inventions for a period of 20 years. The patent serves to prevent others from copying the invention. The situation is similar in other countries.

A copyright gives the creators of original material the exclusive right to further use and duplicate that material.

Only the original inventor or creator can be granted a patent or copyright.

“Trade-secrets” are intellectual property rights on confidential information which may also be sold or licensed.

Each Project Development Team (PDT) formed here, by “Tom’s Idea-List”, is assigned all existing rights held by “Tom’s Idea-List” or Tom Farr at the moment it is originally formed. At that time, the PDT becomes an autonomous legal entity, such as a corporation. [Refer to The Project Development Team.]

The assigned rights include “ASSIGNMENT OF RIGHTS OF PATENT”, “ASSIGNMENT OF RIGHTS TO PATENT APPLICATION”, and “ASSIGNMENT OF INTELLECTUAL PROPERTY RIGHTS WITHOUT PATENT”. This also includes a copyright assignment for all creative work and ownership of trade-secrets, as appropriate.

Thereafter, as each Project Development Team conducts its design and development work, their contributions are considered to be “trade-secrets”. The PDT may also file patent applications on their new inventions or improvements and copyright their new material.

Thus, the PDT will own its Idea and all legal protections. And, the team-members will be the stockholders and benefit for any and all financial transactions, such as assignment of rights to a third-party.