Definitions:-

1. Inventor/ entrepreneur :- Inventor or an entrepreneur shall mean wherever the contest permit and assign, any individual or body incorporated, under any law or statute, or a group of individuals who has either individually or in conjunction with each other, developed or invented a new product or a new technology or method of working for an existing product.



2. Invention :-
   
   
   1. Means the creation of a new or specialized product which has not been in existence earlier.
   
   

   2. Creation of a new technology which results in the generation of a new product; hither unto non-existent.
      

3. Contract :- Refers to the contract entered into between the inventor and Lumenteck or the contract between the inventers as applicable; where there is more than one individual, or the contract entered into between the inventor and the intented buyer of technology and Lumenteck; as applicable in the contest.
   

Terms and Conditions:-

1. An inventor can, either by himself or through an authorized agent or attorney by whatever name called, submit their said invention/product/technology before Lumenteck for its perusal. In event of the said invention/product/technology being presented through an attorney or agent, the agent or attorney should have full legal powers to enter into an agreement/contract with Lumenteck, and the terms and conditions of the said contract shall be fully binding on the inventor in all aspects.
   



2. The inventor should have complete alienation right over the said product/ invention/ technology, in event of him being the sole owner of the same. In event of him being co-owner of the said product/technology/invention, he shall be fully authorized to legally enter into a contract by the other co-owner/owners, and such a contract entered into shall be binding on all the other co-owners of the said product/technology/invention.




3. Its understood clearly by an inventor that the mere submission of a proposal before Lumenteck does not mean or imply that Lumenteck has entered into a contract with the inventor. An agreement or contract by whatever name known shall be entered into between Lumenteck and the inventor, specifying the nature of the understanding reached between the inventor and Lumenteck, and the said technology or product or invention of the inventor shall only be showcased after reaching such an agreement.




4. Its understood further by the inventor that :-
   
   
1. The invention/technology/product is presented to Lumenteck with the view of marketing the same before the world, and not for just announcing to the world about the said invention.
   
   
   
2. Lumenteck can procure the said invention/product/technology if so desired on reaching a mutual consensus with the inventor. In other words Lumenteck can also procure the technology/product/invention presented by the inventor on reaching mutual consensus for the same; either in part or in full.
   
   
3. Lumenteck can host the technology and market the same by any mean as desired.



4. All the service charges and other charges by whatever name known fixed as per the norms fixed of Lumenteck from time to time, and on the basis of the contract entered into between the inventor and Lumenteck; shall be levied in full by Lumenteck from the parties entering into a contract with Lumenteck.



5. All the tax deductions at source and other taxes as applicable as per relevant laws from time to time shall be done by Lumenteck from the inventor.



6. That Lumenteck would not be held liable for any cost or damages in any manner whatsoever in the event of the said product/ technology/ invention remaining unmarketable.
   
   
   
7. The total marketing right over the said product/invention/technology during the period of the agreement or contract between the inventor and Lumenteck shall rest entirely with Lumenteck, and the inventor would be liable to pay for all the cost and damages in the event of him transacting the same in any manner whatsoever, in the same form or as a modified or altered version of the same, to any other individual or body incorporate by whatever name known, in any manner whatsoever without the prior written consent from Lumenteck. The inventor shall not perform any act that would be prejudicial to the plan of action formatted by Lumenteck, nor shall he abstain from providing all the data/support to Lumenteck to effectively implement the marketing program undertaken by it.
   
   
   
8. Lumenteck reserves the absolute right to accept or reject any said technology/invention/product presented before it for the purpose of showcasing or marketing before the world, without assigning any reason whatsoever, at any stage of the deal, and the decision of Lumenteck in this aspect shall be final and binding on all the parties concerned.
   
   
   
9. Lumenteck would not under any circumstances act as a platform or marketer for presentation of ideas or projects or products whose purpose is genocide or mass destruction. Lumenteck would only deal with ideas/ products and projects that can benefit mankind; and not pave way for its destruction.
   
   
   
10. Lumenteck shall provide all the requisite infrastructural services including managerial, technical, legal or financial services as the case may be, to the inventor, so that his best interests are safeguarded. However this does not give right to the inventor to take any action in any manner against Lumenteck nor claim for damages, due to the occurrence of any unfortunate or unforeseen event, that may have resulted in creating any loss; either direct or perceived, in any manner whatsoever to the inventor.
    
    
    
11. Its clearly understood that it's the sole responsibility of the inventor to substantiate all the claims made by him regarding his invention/ technology/product. The test reports/data as applicable, which are submitted by him to substantiate his claim's shall be true and complete in all aspects, and he shall not hide or fail to disclose any information pertinent to or relevant to technology presented by him; in any manner whatsoever. In the event of occurrence of such an act, the inventor shall be held totally liable for all the damages caused by his aforesaid act and Lumenteck reserves the right to take any legal steps including file suits for damage against the inventor.



5. Lumenteck shall take all requisite steps as essential and shall not publish any data regarding technology/product/invention without verifying the authenticity of the claim made by the inventor. Lumenteck shall also take steps to verify the authenticity of the test certificate published in here, from the corresponding testing and certifying institutions as applicable. However its finally the responsibility of the intended buyer/transferee of the technology/product/ invention to verify the authenticity of the same, and Lumenteck cannot be held liable in any manner whatsoever for any cost, loss or damages that may have been incurred due to such an act.

   
   
   
   
6. The terms and conditions of transfer of Technology shall be fixed by Lumenteck in consensus with both the transferor and transferee. Lumenteck would provide all the requisite infrastructural facilities to ensure the smooth conduct of business. However the total responsibility of the content of the technology, its uniqueness and all other factors pertaining to it and its adherence to the quality claims as made by the inventor, etc shall be fully verified by the intended transferee of technology prior to actual transfer of the technology, and the transfer of technology agreement shall only be executed after the intended transferee is fully convinced regarding the claims made by the inventor. Lumenteck cannot be held liable in any manner whatsoever by the transferor or transferee of technology nor can any claims be raised against Lumenteck in this regard.
   
   
   
7. The responsibility of substantiating the claims made by the inventor regarding his invention, rests solely on the inventor himself. However it's not binding on the inventor to open and display the content of the technology/product in such a manner that the technical secrets or the confidentiality of the same is disclosed, prior to reaching of a conditional understanding. However the inventor shall provide all the requisite proof as demanded by the interested transferee of technology to substantiate his claim in totem without jeopardising his position as the inventor. In case of patented circuits, this rule is not applicable as the ownership of the same is protected by the patent.
   
   
   
8. Any dispute arising shall be settled as per the provisions of the relevant laws applicable in India.
   
   
   
9. These terms and conditions submitted here are just general terms and conditions and they shall vary in accordance with the merit and nature of each transaction undertaken and the specific contracts entered into by Lumenteck and the parties from time to time. Lumenteck reserves the entire right to make corresponding changes to the terms and conditions as desired from time to time, and it shall be deemed that any person or corporate body by whatever name known, who is associating or transacting with Lumenteck, either directly or indirectly, to have read and understood the terms and conditions of their association as published here.
   
   
   
10. Lumenteck shall be adhering to all the international and Indian laws as applicable from time to time, with respect to Intellectual property and all the agreements entered into by Lumenteck shall be as per the provisions of these laws.