When a Patent Is Transferred, the Most Common Forms of Payment

question 2

True/False

When a patent is transferred, the most common forms of payment received by the transferor are a lump sum and/or a periodic payment.

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Definitions:

Stale Check

A check that is more than 90 days past the date on its face; banks do not owe a duty to their customers to pay any such checks more than six months past the dates on their face.

Good Faith

Good faith refers to an honest intention to act without taking an unfair advantage over another party, often emphasized in contractual agreements and negotiations.

Six Months

A period of time equivalent to half a year or approximately 182 to 183 days.

Stop-Payment Order

A request made to a financial institution to cancel the processing of a check or payment before it has been cleared.