Payment & Cancellation Terms

Patent Monetize > Payment & Cancellation Terms

1. Research Report Preparation:

Service Description:
  • Patent Monetize offers a comprehensive Research Report Preparation service to enhance the value of listed patents. This service includes Patent Valuation, Market Research, Infringement Search, Evidence of Use, and Presentation Preparation.
Payment Structure:
  • Users requesting Research Report Preparation services are charged a specified fee, determined by the complexity and depth of the required reports.
  • The payment is typically required upfront before the initiation of the research process.
Refund Policy:
  • In cases where a user decides to cancel the Research Report Preparation before the commencement of the service, a partial refund will be applicable, with deductions for any preliminary work already undertaken.

2. Process of Interaction with Sellers/Buyers:

Service Description:
  • Patent Monetize facilitates the entire process of selling and buying patents, including connecting sellers with potential buyers, negotiating agreements, and managing the overall transaction process.
Payment Structure:
  • Users availing of the Process of Selling service are charged a fee for the platform’s active involvement in the sales process. Buyers will not be charged for using the buying services.
  • The fee is typically a percentage of the anticipated or agreed-upon value of the patent.
Timing of Payments:
  • Payment for the Process of Selling service is typically made at predefined milestones during the sales process, ensuring alignment with the progress of the transaction.

3. Margin on Licensed or Sold Patents:

Service Description:
  • Patent Monetize earns a margin on successfully licensed or sold patents. This margin is a percentage of the final transaction value and is a reward for the platform’s role in facilitating the successful monetization of the intellectual property.
Payment Structure:
  • The margin is calculated based on the final sale or licensing amount and is deducted at the time of the transaction’s closure.
  • The margin percentage is predetermined and transparently communicated to users via email or direct contact.
Payment Timing:
  • The margin payment is processed after a successful transaction. This ensures that Patent Monetize is compensated for its services upon the completion of the monetization process.

4. General Payment Policies:

a. Payment Methods:
  • Patent Monetize accepts payments through various methods, including credit/debit cards, wire transfers, or other approved payment gateways.
b. Currency and Taxes:
  • All transactions and payments are conducted in the designated currency (e.g., USD, INR, EUR) as per the user’s preference. Any applicable taxes are clearly informed and added to the total amount payable.
c. Payment Confirmation:
  • Users receive payment confirmation and an invoice detailing the services rendered and associated charges promptly after each successful payment.
d. Dispute Resolution:
  • In case of any disputes regarding payments, Patent Monetize provides a transparent and fair dispute resolution mechanism by filing a complaint on our support and help form to address user concerns and ensure a prompt resolution.
e. Updates to Payment Terms:
  • Patent Monetize reserves the right to update and modify the payment terms. Users will be notified in advance of any changes, and continued use of the platform implies acceptance of the revised terms.

5. General Payment Terms for Patent Monetize Services:

1. Payment Methods:
  • Accepted Modes of Payment: Patent Monetize supports various payment methods for user convenience, including credit/debit cards, wire transfers, and payment gateways.
  • Currency Options: Users can make payments in their preferred currency, and Patent Monetize provides a currency converter tool for transparency in currency conversions.
2. Invoice and Payment Confirmation:
  • Issuance of Invoices: Upon successful payment or completion of a service requiring payment, Patent Monetize generates and issues an invoice which is shared instantly via email and made available on the Dashboard.
  • Detailed Invoice: Invoices provide a breakdown of the services availed, associated charges, and any applicable taxes, ensuring transparency in financial transactions. Issuance of detailed invoices ensures compliance with legal and regulatory requirements.
  • Prompt Communication: Users receive prompt email notifications containing the invoice and payment confirmation for their records.
3. Payment Timelines:
  • Upfront Payments: For services like Research Report Preparation, payment is typically required in advance of the service commencement.
  • Milestone Payments: For services like the Process of Selling, payments will be structured in milestones, aligning with key stages in the transaction process.
  • Margin Deduction: Margin on Licensed or Sold Patents is deducted at the conclusion of a successful transaction. For sold patents, a one-time commission is taken at the end, unlike the regular margin for a license.
4. Refund Policy:
  • Research Report Preparation: Partial refunds will be applicable for Research Report Preparation if a user decides to cancel before the initiation of the service, accounting for any preliminary work undertaken.
  • Other Services: Refunds for other services are considered on a case-by-case basis, taking into account the nature of the service and any work already completed.
5. Taxes and Fees:
  • Transparent Taxation: Any applicable taxes are clearly communicated to users during the payment process.
  • Handling Fees: Patent Monetize includes handling fees for certain payment methods, and these fees are transparently communicated to users before finalizing the transaction.
6. Security Measures:
  • Secure Transactions: Patent Monetize employs secure payment gateways and encryption protocols to ensure the confidentiality and security of users’ financial information.
  • User Authentication: Users are required to undergo authentication processes to prevent unauthorized access to their payment details.
7. Dispute Resolution:
  • User Concerns: In the event of payment-related disputes, users need to contact Patent Monetize through direct call “Contact No.” or Email ticket system.
  • Transparent Resolution Process: The platform provides a transparent and fair dispute resolution mechanism in both emergency and normal ways, aiming to address user concerns promptly.
8. Updates to Payment Terms:
  • Notification: Users will be notified in advance of any updates or modifications to the payment terms.
  • Acceptance of Terms: Continued use of Patent Monetize services implies acceptance of the revised payment terms.
9. Privacy and Confidentiality:
  • Data Security: Patent Monetize prioritizes the security of user data and employs measures to protect sensitive financial information.
  • Confidentiality: Any information related to user payments is handled with the utmost confidentiality and in compliance with privacy laws and regulations.

Payment Cancellation and Refund Policy for Patent Monetize Services:

1. Research Report Preparation:

  • Cancellation Requests: Cancellation requests for Research Report Preparation are applicable only during the initial stages, before the commencement of work by Patent Monetize.
  • Refund Process: If a user cancels before the commencement of the service, a refund is applicable, considering partial cancellation charges, before any preliminary work already undertaken by Patent Monetize.

2. Process of Selling, Interaction with Sellers:

  • Cancellation During Process: Users need to initiate a cancellation of the Process of Selling service under specific circumstances, such as a change in their decision to sell the patent.
  • Refund Process: Refunds for the Process of Selling service are subject to a case-by-case evaluation, taking into account the progress made and work completed by Patent Monetize.

3. Margin on Licensed or Sold Patents:

  • Cancellation of Transaction: In the event of a cancelled transaction after the commission has been deducted, Patent Monetize reviews the circumstances to determine any applicable refunds.
  • Refund Process: Refunds, if applicable, are processed based on the specific details of the cancelled transaction, considering factors such as the stage of completion and incurred expenses.

General Refund Policy Guidelines:

  • Timely Refund Requests: Users are encouraged to submit refund requests promptly, providing detailed reasons for cancellation or refund.
  • Refund Communication: Communication regarding refund approval, denial, or any conditions attached is promptly conveyed to the user.

Conditions for Refund Eligibility:

  • Misrepresentation or Non-Disclosure: Refunds may be applicable if the user can demonstrate that misrepresentation or non-disclosure significantly impacted the transaction.
  • Platform Non-Performance: Refunds may be considered if Patent Monetize fails to deliver agreed-upon services due to platform-related issues.

Dispute Resolution Mechanism:

  • User Appeals: Users have the right to appeal refund decisions through a designated appeals process.
  • Fair Consideration: The appeals process ensures a fair and thorough consideration of user concerns, with the aim of achieving a mutually agreeable resolution.

Exceptions to Refund Policy:

  • User Responsibilities: Users are reminded of their responsibilities in providing accurate information and adhering to platform guidelines. Failure to do so impacts refund eligibility.
  • Platform Violations: Patent Monetize reserves the right to deny refunds if users violate platform policies or engage in fraudulent activities.

Communication of Refund Process:

  • Clear Communication: Patent Monetize maintains transparency by providing clear communication at every stage of the refund process.
  • Updates and Notifications: Users receive updates and notifications regarding the status of their refund requests, ensuring they are informed throughout the resolution process.