What documents must I sign to evidence Cool Binz's ownership of intellectual property I develop?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
You must disclose to us all ideas, concepts, methods, techniques and products concerning the development and operation of the COOL BINZ Business that you, the Managing Owner, the Designated Manager, or employees conceive or develop during the term of the Franchise Agreement.
We shall own the rights to all such ideas, concepts, methods, techniques and products, regardless of the source, and you must grant to us and agree to procure from your affiliates, owners or employees a perpetual, exclusive and worldwide right to use such ideas, concepts, methods, techniques and products concerning the development and operation of the COOL BINZ Business that you or your employees conceive or develop during the term of the Franchise Agreement.
You must sign all documents we request to evidence our ownership or to assist us in securing intellectual property rights in such ideas, concepts, techniques or materials. We will have no obligation to make any lump sum or on-going payments to you with respect to any such idea, concept, method, technique or product. You must agree that you will not use, nor will you allow any other person or entity to use any such concept, method, technique or product without obtaining our prior written approval.
Source: Item 14 — PATENTS, COPYRIGHTS, AND PROPRIETARY INFORMATION (FDD pages 50–52)
What This Means (2025 FDD)
According to the 2025 Cool Binz Franchise Disclosure Document, if you, the Managing Owner, the Designated Manager, or employees conceive or develop any ideas, concepts, methods, techniques, or products concerning the Cool Binz Business during the term of the Franchise Agreement, you must disclose them to Cool Binz. Cool Binz will own the rights to these developments, regardless of their source.
As a Cool Binz franchisee, you will be required to grant Cool Binz a perpetual, exclusive, and worldwide right to use any such intellectual property. This includes procuring the agreement of your affiliates, owners, or employees to the same terms.
Furthermore, you must sign any documents that Cool Binz requests to evidence their ownership or to assist them in securing intellectual property rights for these developments. It is important to note that Cool Binz has no obligation to provide any lump sum or ongoing payments to you for any such idea, concept, method, technique, or product. You are also prohibited from using, or allowing others to use, any such concept, method, technique, or product without Cool Binz's prior written approval.