Product Ideas

INVENTION / IDEA SUBMISSION AGREEMENT

Malco Tools, Inc. welcomes new product or process ideas and inventions as well as your interest in our company. Our in-house Engineering, Research and New Product Development departments are constantly working on new ideas and improving our existing products, making it necessary for precautions to be taken in accepting new ideas and inventions for evaluation. In that regard, please realize that an idea that is new to you may have already been submitted to us by another party or conceived in-house by our own engineers and researchers.

To avoid possible confusion or misunderstandings as to the origin of an idea, an understanding must be reached before Malco Tools, Inc. can agree to review ideas from persons who are not employees of Malco Tools, Inc. Accordingly; Malco Tools, Inc. will evaluate your submission only upon your review and acknowledgement of the following:

1. I hereby represent that I am the sole originator of the idea/invention, that I own the idea/invention, and that I have the legal right to negotiate with Malco Tools, Inc. concerning the submitted idea/invention.
2. I realize that my idea/invention may be partially or wholly within the public domain; that employees of Malco Tools, Inc. may have worked, or may be working on the same idea or invention, or that Malco Tools, Inc. may have received similar information from others.
3. I agree that I will rely solely on my rights under the Patent, Trademark and Copyright laws of the United States and that consideration of my submission to Malco Tools, Inc. shall in no way impair Malco Tools' right to use intellectual property contained in my idea/invention submission.
4. I agree that Malco Tools, Inc. has the right to disclose the idea/invention submission to various employees and to those outside of its employ to determine the value of the submission. Therefore, the disclosure is not confidential and no confidential relationship is entered into by reason of the fact that Malco Tools, Inc. is considering the submission.
5. I understand that Malco Tools, Inc. is under no obligation to return submitted materials and if returned, accepts no responsibility for the safe arrival or condition of the submitted materials.
6. I understand that Malco Tools, Inc. will evaluate the submission and indicate back to me whether or not the company is interested in pursuing the submission at this time.
7. I understand no agreement for compensation is implied by Malco Tools, Inc. consideration or review of my idea/submission. After evaluation if Malco Tools, Inc. decides to purchase, license, patent or otherwise enter into an agreement with me, the extent of compensation will be determined by a mutual written agreement.

Malco Tools, Inc.