As everyone may already know, protecting your intellectual property is of high importance. This way, no one will be able to claim your property or you can sue someone who claims that what is yours is theirs. But, did you know that you can assign your property or a part of your property to another entity? Yes, you can! You can do this by coming up with a basic agreement that will state that you want to do so.

If you are new to all of this intellectual property assignment task, we are here to give you a few key pieces of information. We would like to share with you a couple of tips about what an intellectual property is and what is included in the agreement that you need for your intellectual property assignment agreement. If you are ready to find out more, just keep scrolling! You may also want to check out Guide for Buying and Selling Intellectual Property.

What is an Intellectual Property?

Intellectual property refers to a creation such as an invention, artistic works, and other creative property that is used in commerce. Intellectual property is always protected by law which allows the creators to earn recognition or money from what they have created. The system where intellectual property is involved in will actually help creators to continue doing what they are doing and to help their creations now and future creations flourish. You may also see home purchase agreement samples.

What are the Most Common Types of Intellectual Property?

1. Copyright. Copyright is a legal term that is used to define the rights of the literary and artistic works. Such artistic works range from books, music, paintings, sculptures, films, short stories, poems, drawings, and maps.

2. Patents. Inventions are the ones that get issued patents. Patents give an owner the power to decide on whether or not others can make use of the inventions. It is the responsibility of the inventor to make technical information regarding how the invention can be used publicly. You might want to check out patent license agreement samples.

3. Trademark. In order to distinguish the goods and services of an enterprise from another enterprise. Trademarks help to ensure that no other business or company gets to use the property you have issued a trademark with. Trademarks have been done for a long time. You may also see property management agreements.

4. Industrial Designs. Industrial designs help to make an article look more appealing and more attractive.

5. Geographical Indications. A geographical indication will include the name of the place of origin of the goods. This means that items coming from a certain location can be considered as intellectual property. You may also see business contract samples.

What Should an Intellectual Property Agreement Include?

Every country or every state has different requirements about what should be included in an intellectual property agreement. The most common elements that you will find in an intellectual property agreement are the following:

  • Identification of the Parties Involved in the Agreement. There should be an assignor and assignee involved in this agreement. The assignor is referred to as the person transferring the ownership of the intellectual property while the assignee will be the party receiving the rights to the intellectual property.
  • Recitals. Recitals refer to the state of affairs regarding the assignment and provide some pertinent information about the parties. Part of the recital is the clause regarding the want of the assignor to transfer the rights to the assignee. You may also see property valuation reports.
  • Definitions. Definitions help to clarify any terms that may not be easily understood. Having a section for definitions will help to guarantee that the assignor and the assignee have the same understanding about what is stipulated in the agreement.
  • Assignment of Intellectual Property. This section will contain a detailed description of the property that is being transferred.
  • Party Obligations. Setting what is expected of the parties involved is important. This will serve as a constant reminder of the obligations that each party has. You may also see sample property contract agreements.
  • Liabilities and Warranties. This pertains to the assignor’s right and authority to have the agreement.
  • Indemnifications. This refers to the future obligations of each party pertaining to the intellectual property.
  • Payment Terms. This refers to how payments will be made such as the frequency and the mode of payments that are accepted. You may also see sample licensing agreements.
  • Terms of Agreements. This refers to the date when the assignment will be in effect.
  • Applicable Laws. This refers to the laws that cover the assignment of intellectual property.
  • Annex. This section of the agreement will give a good description of what the assignment is all about.

You may find more interesting information on Sample Property Contract Agreement.

What is the Purpose of Intellectual Property Assignment?

The intellectual property assignment agreement is basically a transfer agreement of the owner’s rights, titles, and interest of the intellectual property. The owner may opt to transfer the whole property or part of the property to the assignee.

1. Trademarks

Transferring of trademarks refers to transferring one entity’s trademark registrations or applications to another company that wants the trademark.

Curious about setting up a trademark for your property? Check out our Guide for Registering a Trademark in the USA.

2. Patents

A patent refers to the rights granted by the government to the inventor. If a mass production company wants to take over the rights to an invention, the patent may be transferred. You can find out more about transferring of patents by checking out Patent Assignment Forms.

3. Copyright

Copyright is an official legal right that gives the original owner or creator the rights for reproduction and distribution of products. Transfer of copyrights will pertain to granting the assignee part ownership of the copyright or full ownership of the original work.

Need tips on how to obtain rights to use a copyrighted property? Have a look at our tips on How to Obtain Permission to Use Copyrighted Material for more information.

We hope that what we have shared with you has helped you in one way or another. If you need more information about intellectual property and agreements that are related to it, refer to the links down below:

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