April 27, 2015 Patent Purchase Promotion is Announced
May 8 to May 22 Submission Window is Open
May 23 to June 26 Submission Review Period
By June 26 Parties notified either of our intent to move on
to the next stage ( e.g ., some further diligence) or our intent to pass
on the opportunity.
By July 8 Parties that are notified of Google’s tentative intent
to purchase must supply further information to Google regarding encumbrances,
litigation, etc. and provide a signed agreement, banking information, and
relevant tax related information.
By July 22 Google will further review the additional
materials provided. Assuming Google remains interested in completing the transaction
upon review of the above material, Google will return a fully executed
agreement within about 10 days of receipt (and no later than July 22, 2015) and
payment will occur within 30 business days thereafter.
As recently discussed here, patent
package sales are up. However, Google
only allows you to submit one patent at a time, but a party can make multiple
submissions. This, perhaps, allows the
submitter to focus on the patents of value.
Indeed, the submitter must disclose the sales price up front and is
essentially “locked in” to that price (at least, I think, as a ceiling).
If a sale is approved, the submitter retains a non-exclusive, fully paid
up, non-transferable, non-assignable, non-sublicensable worldwide license to
practice the invention. The sales
agreement is here. The program currently
only applies to U.S. patents. A good
idea? Google does state that the program
is an experiment--perhaps patents from other jurisdictions are next. For more commentary, see Corporate Counsel’s Lisa Shuchman’s
article, “Google Wants to Outfox Trolls by Buying Up Patents” (April 28,
2015).
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