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Corporations Keyed to Klein
Pav-Saver Corp. v . Vasso Corp
Facts
Plaintiff had the intellectual property and know-how for designing the machines, and Defendant was responsible for the financing. The partnership agreement stipulated that Plaintiff would contribute the relevant trademarks and patents, and that the agreement was permanent unless there is a mutual agreement between the two parties to terminate the partnership. The agreement also stated that in the event of termination, the terminating party would pay four times the amount the company made in the 1974 fiscal year, with equal payments over a ten-year period. The business operated at a profit, but an economic downturn made the business unprofitable. Plaintiff moved to terminate the agreement. Defendant took over the business, continued to use the patents and trademarks, and refused to reimburse Plaintiff for the use of the property. Plaintiff moved to reacquire the patents and trademarks, or alternatively to receive the value of the patents and trademarks. Plaintiff also co ntested the liquidated damages as being unenforceable. Defendant countered that the liquidated damages should be paid immediately rather than over ten years.
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