As used in this subchapter:(1) 'Center' means the Center for Prototype Development and Emerging Technologies to be developed and operated by the University of Arkansas at Little Rock;(2) 'Commercial state' means the point at which a product has been developed beyond the theoretical and prototype stage and is capable of being manufactured or practiced commercially;(3) 'Gross sales revenues' means all revenues or anything of value received by any person from the sale of a proprietary product;(4) 'Intellectual property' means patents, copyrights, or trademarks acquired pursuant to federal or state law or applications for patent or for copyright or trademark registration;(5) 'Inventor' means any person who conceives a new concept which may result in a proprietary product;(6) 'Person' means any individual, sole proprietor, partnership, or corporation;(7) 'Product' means any device, technique, process, item of manufacture, composition of matter, or work of authorship;(8) 'Product development plan' means a plan prepared by the center for developing a product to the commercial state;(9) 'Proposal' means a plan provided by the inventor which includes technical and descriptive information nt plan' means a plan prepared by the center for developing a product to the commercial state;(9) 'Proposal' means a plan provided by the inventor which includes technical and descriptive information on a product;(10) 'Proprietary product' means a product patented, copyrighted, or trademarked pursuant to federal or state law or for which an application for patent or for copyright or trademark registration is pending; and(11) 'Royalties' means all things of value received by an inventor in connection with the licensing of a proprietary product or the assignment, sale, or licensing of intellectual property.Acts 1991, No. 707, § 2.
Arkansas Legal Code