A bill to create a comprehensive Federal system for determining the ownership of and amount of compensation to be paid for inventions made by employed persons.

[AI summary unavailable — showing source text] Defines "service invention," for purposes of this Act, as an invention made by an employee during employment which has grown out of the type of work performed or is derived from experiences gained on the job. Requires an employee who has made a service invention to give written notice of such invention to the employer without undue delay. Allows the employer to claim exclusive rights in and to such information by giving the employee a written declaration of the claim. Requires that the employee, upon receipt of such claim, assign all rights to the invention to the employer, subject to the employee's right to receive adequate compensation. Stipulates that a service invention becomes free: (1) when the employer releases it in writing; (2) when the employer fails to act to acquire rights; and (3) when the employer, after claiming exclusive rights, does not comply with the obligation to apply for a patent. Entitles employees to adequate compensation for service inventions, such compensation to represent the fair market value of the employer's exclusive right to the invention adjusted to reflect: (1) the position and duties of the employee; and (2) the degree to which the operations of …