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Texas Statutes (Last Updated: January 4, 2014) |
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BUSINESS AND COMMERCE CODE |
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Title 4. BUSINESS OPPORTUNITIES AND AGREEMENTS |
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Chapter 52. INVENTION DEVELOPMENT SERVICES |
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Subchapter C. INVENTION DEVELOPMENT SERVICES CONTRACT |
Sec. 52.104. PAYMENT FOR SERVICES; OPTION TO TERMINATE CONTRACT
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(a) For purposes of this section, delivery of a promissory note, bill of exchange, or negotiable instrument of any kind to the invention developer or to a third party for the benefit of the invention developer is payment, regardless of the date or dates appearing on the instrument.
(b) Notwithstanding any contractual provision to the contrary, payment for invention development services may not be required, made, or received before the fourth working day after the date the customer receives a copy of the contract for invention development services signed by the invention developer and the customer.
(c) Until the payment for invention development services is made, the parties to the contract have the option to terminate the contract. The customer may exercise the option to terminate by refraining from making payment to the invention developer. The invention developer may exercise the option to terminate by giving to the customer a written notice of the invention developer's exercise of the option. The written notice becomes effective when the customer receives the notice.