Intellectual property rights such as patents and copyrights are often transferred in whole or part so that a third party can make use of them. Some common examples of assignments and licensing of intellectual property include an author who licenses her copyrighted novel to a publisher for a time or a software developer that purchases the right to incorporate code created and owned by another into one of its products. Licenses and assignments are both ways of granting rights in intellectual property to a third party, but the two alternatives are quite a bit different, and it is important that a person or organization transferring intellectual property rights understand the difference and the ramifications of each. It is equally important that a party seeking to purchase intellectual property rights enters into the type of agreement that will allow the intended use on the intended terms. Working with an experienced intellectual property lawyer when you are considering entering into a licensing or assignment agreement will ensure that you have the information you need to make the best decision. The attorney can also draft or review the agreement to ensure that the language accurately reflects your intentions and there are no unanticipated obligations or limitations.
Important Provisions of an IP Assignment Agreement
Intellectual Property Assignment Sample Clauses
Exhibit Definition of Intellectual Property. Intellectual Property Assignment. Future Intellectual Property Assignment. Assignor hereby covenants and agrees that he will, at any time upon request, consistent with the terms and conditions of the Employment Agreement, execute and deliver any and all papers that may be necessary or desirable to perfect title to the Assigned Intellectual Property, and all other rights, title, and interests assigned hereunder, to Assignee, its successors, assigns, or other legal representatives. Assignor further covenants and agrees that he will, at any time upon request, consistent with the terms and conditions of the Employment Agreement, communicate to Assignee, its successors, assigns or other legal representatives, such facts as requested by Assignee relating to the Assigned Intellectual Property. Representations and Warranties.
Free Intellectual Property Rights Assignment Agreement
Intellectual property IP can be just as valuable as—or even more valuable than—tangible property. Many companies make money exclusively through marketing products based on intellectual property rights. However, once you have secured your intellectual property rights, it is sometimes more convenient or valuable to let someone else use them in exchange for a fee, which is why intellectual property agreements and intellectual property contracts exist.
This product constitutes an easily adaptable and comprehensive IP assignment letter agreement, together with a guide that aims to set out how to correctly fill-out the intellectual property assignment letter template and explain all significant provisions so as to allow you to put into effect a valid and legally binding confirmation of intellectual property assignment letter. The detail below represents the start of the guidance document you will also receive on paying for the template letter agreement. Clause 1 Agreement to Execute the Letters Contents Clause 1 confirms that the assignor of the IP rights has agreed to execute the assignment of their IP rights in accordance with the terms of the letter and the terms of any prior engagement between the assignor and assignee. Clause 2 Definitions Clause 2 defines key terms of the letter that will apply throughout the process of assigning IP rights to another legal person.