Small Business Nonprofit Organization Patent Procedures Act

[AI summary unavailable — showing source text] Small Business Nonprofit Patent Procedures Act - States that it is the objective of this Act to amend existing patent procedures to promote the marketing of inventions developed under federally supported research and development projects by nonprofit organizations and small business firms. Permits any such organization or firm to elect, within a reasonable amount of time, to retain title to such inventions. Authorizes Federal agencies which have supported such projects to retain title to inventions in specified circumstances. Requires any funding agreement between a Federal agency and a small business firm or nonprofit organization to contain provisions: (1) to insure the rights of the Federal Government under this Act; (2) to provide that the agency shall have a nonexclusive, nontransferable, irrevocable and paid-up license to use the invention; (3) to prohibit a nonprofit organization from assigning rights to the invention without the approval of the Federal agency; (4) to prohibit such an! organization from granting exclusive rights from the earlier of five years from the first commercial use of the invention or eight years from the date of invention; and (5) to require such org…