(815 ILCS 620/402) (from Ch. 29, par. 402)
Sec. 402.
Right of cancellation.
Each party's right of cancellation of
the contract shall be maintained:
(a) Notwithstanding any contractual provision to the contrary, the invention
developer and the customer shall each have the right to cancel a contract
for invention development services, for any reason, at the time within 7
days of the date the cancelling party receives a fully executed copy of
the contract. Cancellation shall be effected by written notice mailed or
delivered to the invention developer or the customer. If said notice is
mailed, it must be postmarked by midnight of the last day of the cancellation
period unless such last day falls on a Sunday or a holiday recognized in
Illinois in which case it must be postmarked by midnight of the next following
business day. If the notice is delivered, it must be delivered by the end
of the last day of the cancellation period and during normal business hours,
unless the last day falls on a Sunday or a holiday recognized in Illinois
in which case delivery may be made during the next normal business day.
Within 5 business days after mailing or delivery of such notice of cancellation
by the invention developer or receipt of such notice of cancellation by
the customer, the invention developer shall return to the customer, by mail,
all moneys paid and all materials provided by the customer. Within 5 business
days after mailing or delivery of such notice of cancellation by the customer
or receipt of such notice of cancellation by the invention developer, the
invention developer shall return to the customer, by mail, all moneys paid
and all materials provided by the customer.
(b) The provisions of subparagraph (a) of Section 402 shall apply to every
contract executed between an invention developer and a customer. Each such
contract shall contain the following statement in type bolder than that
of the surrounding text immediately above the place at which the customer
signs the contract: "The 7 day period during which you may cancel this
contract for any reason by mailing or delivering written notice to the other
party will expire 7 days from the date you receive a fully executed copy
of this contract. If you choose to mail your notice, it must be placed in
the United States mail properly addressed first-class postage prepaid and
postmarked before midnight of that date. If you choose to deliver
your notice to the other party directly, it must be delivered by the end
of business on that date."
(Source: P.A. 81-542.)
|