Iowa Code § 523G.1
Short title
This chapter shall be known and may be cited as the “Invention Development Services Act”.
Iowa Code Chapter 523G — Invention Development Services
Iowa · statute · Iowa Code ch. 523G · 9 active provisions
Iowa Code § 523G.2
Purpose of the chapter
The general assembly declares that the purpose of this chapter is to safeguard the public against fraud, deceit, imposition, and financial hardship, and to foster and encourage competition, fair dealing, and prosperity in the field of invention development services by prohibiting or restricting deceptive practices, mis…
Iowa Code § 523G.3
Definitions
As used in this chapter, unless the context otherwise requires: 1. “Business record” means a record maintained by an invention developer relating to invention development services, including but not limited to contracts, files, accounts, books, papers, photographs, and audio or visual tapes. 2. “Commissioner” means the…
Iowa Code § 523G.4
Initial disclosures
1. If an invention developer contemplates entering into a contract or if the invention developer contemplates performance of a phase covered in a contract, the invention developer shall notify the customer by a written statement. The invention developer shall deliver to the customer the written notice together with a c…
Iowa Code § 523G.5
Contracts
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: a. If the invention developer contract…
Iowa Code § 523G.6
Evidence of financial responsibility
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 income from the invention development busines…
Iowa Code § 523G.7
Negotiable instruments
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 defined in section 554.3302, if the pers…
Iowa Code § 523G.8
Records and correspondence
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.
Iowa Code § 523G.9
Compliance with other laws, violations and penalties
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 policy, unless the invention developer pr…