Catalogue description Draft licence

Whereby, having recited that A.E. Mayo (of Bishopsgate Green, Foleshill Rd., Coventry) is the owner of British letters-patent 208489 (dated 2nd. Aug., 1923) for an improved trouser-press, the licensor permits the Everitt Press Manufacturing Co. Ltd. (of 17/19, Lever St., London, E.C.1) to use the invention for the term of the letters-patent: it is agreed, firstly, that the firm will pay Mayo a 1/- royalty for each press sold at 15/6 or above, and a 6d. one for each cheaper press, the sums being payable quarterly from 31st. Dec., 1931; secondly, Mayo will keep true accounts; thirdly, the firm will pay renewal-fees for the letters-patent; fourthly, in the event of the letters-patent being infringed or revoked neither party will be bound to act but must inform the other of such a development - if the action is to be defended, the firm will pay 2/3, the patented 1/3, of the costs; fifthly, the licensor will not use articles under the letters-patent; sixthly, the licence shall be determinable if royalties become three weeks in arrears or if they total less than £25 p.a.; seventhly, the firm may finish the agreement after the first twelve months by giving the inventor three calendar months' notice; and eighthly, the firm will spend £50 in advertising the invention before 31st. Dec., 1932.