If you need to loan your invetion prototype for a company for review, take a few precautions to keep your prototype safe and to ensure it's timely return.

Assign one company member to be in charge of your invention prototype. That person will be responsible if any damage occurs. Work out ahead of time that the company will pay for any repairs that need to be done after the invention prototype is returned to you.

Negotiate the amount of time that the company is allowed to keep your invention prototype. The shorter the time period the better as it encourages the company to act quickly.

Get everything in writing. Get the signature of the most senior manager available to sign the loan contract. If you feel uncomfortable, enlist the help of a patent agent.

About LifeTips

Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.

Exclusive Sponsor

This weekly Invention Tips newsletter is brought to you by InventHelp, "The Invent Help People," America's leading inventor service firm. InventHelp can assist you in trying to submit your invention or new product idea to companies, as well as help you obtain affordable patent services. To request more information, visit www.inventhelp.com or call toll-free 1-800-INVENTION.

Ask a Question

Not finding the advice and tips you need on this Invention Tip Site? Request a Tip Now!

Guru Spotlight

Heidi Splete

Ever wonder how you could make your life better and more fun? So have tens of millions of fans who have turned to LifeTips for answers over the past decade. We keep the tips, advice, books, podcasts and writing services flowing, so you can keep your life and business growing in the right direction. Upward!