Title XIII, COMMERCE (Ch. 505 - 554I)

1. A contract shall set forth information required in this section in at least ten point type. 2. The contract shall describe fully and in detail the services that the invention developer contracts to perform for the customer. 3. The contract shall state the following information…

1. An invention developer shall maintain as security evidence of financial responsibility as approved by the commissioner. The security shall be either a bond or cash deposit in an amount which is equal to the greater of either ten percent of the invention developer’s gross incom…

An invention developer shall not take a negotiable instrument from a customer as part of a contract, unless the negotiable instrument is a check constituting evidence of the customer’s obligation. A person in possession of a negotiable instrument is not a holder in due course as …

An invention developer shall maintain all records and correspondence relating to performance of each invention development contract for not less than three years after expiration of the contract. 92 Acts, ch 1114, §9 Referred to in §523G.5

1. The provisions of this chapter are not exclusive and do not relieve persons or a contract from compliance with other applicable law. 2. A contract which fails to comply with the applicable provisions of this chapter is unenforceable against the customer as contrary to public p…