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Inventor Application

The Invention Disclosure Agreement you requested is enclosed for you to fill out and return. Please send sketches, drawings, or photos, and if possible a working model or video along with the agreement, this will help us in our evaluation of your tool invention. If a model is sent, it will be returned after our evaluation.
When we evaluate a new product, we consider how it will fit with our line of automotive specialty tools, and how it will appeal to the mechanic. Will this tool make his job easier, faster, or more efficient? Is it a better tool than what is currently available? Is it something that we can manufacture in our facilities? Can it be manufactured and sold at a cost that will be acceptable to end user? These are just a few of the questions that we will ask ourselves, and you during our evaluation.

If we are interested in your invention, we will offer you a Royalty agreement. A Royalty agreement would provide payments based on a percentage of the net selling price of the tool for a period of (10) years or, if patents are involved, for the life of the patents. The Royalties are based on numerous factors including, but not limited to, originality, function, date of submission, patent protection and other factors. The decision of Durston Mfg. Co. ( D.M.Co) with regards to royalties is solely at the discretion of D.M.Co. and is final.

We appreciate you contacting us and look forward to reviewing your submission.

MUTUAL NONDISCLOSURE AGREEMENT
This Mutual Nondisclosure Agreement (the “Agreement”) is made on (date)
12/6/2021
by and between
VIM Tools
, and
First Name Last Name
. As used in this Agreement, the party disclosing Confidential Information is the “Disclosing Party” and the party receiving the Confidential Information is the “Receiving Party.”

1. Purpose. The parties wish to explore a business opportunity of mutual interest (the “Opportunity”) and in connection with the Opportunity, each party may disclose to the other confidential and proprietary information which the Disclosing Party desires the Receiving Party hold in confidence and not to disclose or use except as permitted by this Agreement.

2. Confidential Information. “Confidential Information” means any information disclosed by either party to the other party, either directly or indirectly, in writing or by inspection of tangible objects, including, without limitation, business plans, customer data, customer lists, customer names, designs, documents, drawings, engineering information, financial analysis, hardware configuration information, inventions, market information, marketing plans, processes, products, product plans, research, services, specifications, software, source code, trade secrets or any other information which is designated in writing as “confidential,” “proprietary” or some similar designation. Confidential Information shall not include any information that (a) is now, or hereafter becomes, through no act or failure to act on the part of the Receiving Party, generally known or available in the public domain, (b) the Receiving Party can demonstrate was rightfully in its possession prior to its disclosure to the Receiving Party by the Disclosing Party, (c) is obtained by the Receiving Party from a third party without a breach of any obligation to the Disclosing Party or (d) is independently developed by the Receiving Party without use of or reference to the Disclosing Party’s Confidential Information.

3. Obligations. The Receiving Party agrees (a) to hold the Disclosing Party’s Confidential Information in strict confidence, (b) not to disclose the Disclosing Party’s Confidential Information to any third party; provided, however, the Receiving Party may disclose the Disclosing Party’s Confidential Information to its employees, consultants and professional advisors who have a bona fide need to know such Confidential Information, but only for the purpose of evaluating the Opportunity and only if such employees, consultants and professional advisors are advised of the confidential nature of such Confidential Information and the terms of this Agreement and are bound by a written agreement or otherwise obligated to protect the confidentiality of such Confidential Information and (c) not to use the Disclosing Party’s Confidential Information for any purpose other than to evaluate the Opportunity. In addition, the Receiving Party agrees that it will not reverse engineer, disassemble or decompile any prototypes, software or other tangible objects that embody the Disclosing Party’s Confidential Information. The Receiving Party agrees to be responsible for any breach of this Agreement by any of its employees, consultants and professional advisors to whom the Receiving Party discloses the Disclosing Party’s Confidential Information.

4. Maintenance of Confidentiality. The Receiving Party agrees to use all reasonable precautions to protect the confidentiality of and to prevent the unauthorized use or disclosure of the Disclosing Party’s Confidential Information. Without limiting the foregoing, the Receiving Party shall take at least those precautions that it takes to protect its own confidential information. The Receiving Party shall not copy the Disclosing Party’s Confidential Information without the Disclosing Party’s prior authorization. The Receiving Party shall reproduce the Disclosing Party’s proprietary rights notices on any such authorized copies in the same manner in which such notices were set forth in or on the original. The Receiving Party shall promptly notify the Disclosing Party in the event of any unauthorized use or disclosure of the Disclosing Party’s Confidential Information.

5. Required Disclosure. The Receiving Party may disclose the Disclosing Party’s Confidential Information if and only to the extent that such disclosure is required by any request or order of any governmental authority or by applicable law; provided, however, the Receiving Party shall notify the Disclosing Party in writing of such requirement prior to disclosing and provide the Disclosing Party a reasonable opportunity to (a) review the disclosure and to interpose its own objection to the disclosure or (b) seek a protective order or other appropriate relief.

6. Return of Confidential Information. Upon the Disclosing Party’s request, the Receiving Party will (a) promptly return to the Disclosing Party all copies of the Disclosing Party’s Confidential Information, (b) destroy all notes, abstracts and other documents containing the Disclosing Party’s Confidential Information, and (c) delete all electronic data incorporating the Disclosing Party’s Confidential Information.

7. No Competition. The Receiving Party hereby agrees that it will not use any of the information disclosed by the Disclosing Party pursuant to this Agreement for purposes of competing, or assisting others to compete, with the Disclosing Party in the production and commercial realization of the Confidential Information.

8. No License. Nothing in this Agreement is intended to grant any rights to the Receiving Party in or to (a) any of the Disclosing Party’s Confidential Information except as expressly set forth in this Agreement or (b) any patent, copyright, trade secret or other intellectual property right of the Disclosing Party.

9. No Warranty. ALL CONFIDENTIAL INFORMATION IS PROVIDED “AS IS.” NEITHER PARTY MAKES ANY WARRANTY, EXPRESS, IMPLIED OR OTHERWISE, REGARDING THE ACCURACY, COMPLETENESS OR PERFORMANCE OF SUCH CONFIDENTIAL INFORMATION.

10. No Obligation. Nothing in this Agreement shall obligate either party to proceed with any contemplated transaction between them, and each party reserves the right, in its sole discretion, to terminate the discussions contemplated by this Agreement concerning the Opportunity.

11. Term. The obligations of the Receiving Party under this Agreement shall survive any termination of this Agreement and continue for a period terminating twenty four (24) months from the date the Disclosing Party last discloses Confidential Information to such Receiving Party under this Agreement.

12. Injunctive Relief. The Receiving Party acknowledges that the unauthorized use or disclosure of the Disclosing Party’s Confidential Information would cause irreparable harm to the Disclosing Party and that monetary damages would be inadequate to compensate the Disclosing Party for any such unauthorized use or disclosure. Accordingly, the Receiving Party agrees that the Disclosing Party will have the right to obtain immediate injunctive relief against any breach or threatened breach of this Agreement, without the necessity of proving actual damages, as well as the right to pursue any and all other rights and remedies available at law, in equity or otherwise for such a breach or threatened breach.

13. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida without regard to conflict of laws principles.

14. Severability. If any provision of this Agreement shall be found by any court or administrative body of competent jurisdiction to violate any statute or regulation or otherwise be invalid or unenforceable, the invalidity or unenforceability of such provision shall not affect the other provisions of this Agreement, and all provisions not affected by such invalidity or such unenforceability shall remain in full force and effect. The parties hereby agree to substitute for any invalid or unenforceable provision a valid and enforceable provision that achieves to the greatest extent possible the economic, legal and commercial objectives of the invalid or unenforceable provision.

15. Consent to Jurisdiction and Venue. The Receiving Party consents and agrees that all legal proceedings relating to the subject matter of this Agreement shall be maintained in federal court sitting in the Central District of Florida, or the appropriate state court sitting in the State of Florida, County of Hillsborough, and the Receiving Party consents and agrees that jurisdiction and venue for such proceedings shall lie exclusively with such courts.

16. Successors. All of the terms, provisions and conditions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their representatives, heirs, successors, trustees, transferees, lawful assigns and legal representatives.

17. Authority. Each of the signatories to this Agreement represents that he or she is duly authorized to bind his or her respective party to the terms, provisions and conditions of this Agreement.
Clear

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