Transfer or sell rights to a patent: Patent Assignment
What is a Patent Assignment?
A Patent Assignment is similar to transferring ownership of a car - you need to do the paperwork before it's official. It comes into play whenever a patent is transferred or sold. Maybe you own a company that's staffed by innovative employees. You have a right to their work-related ideas and products, but if you want to sell them, you'll have to jump through the right legal hoops. If you're an inventor, you've invested time in your new gadget, so you want to make sure it pays off. A Patent Assignment gives patent owners the option of retaining part of their rights. More than one person can own a patent, so you can also use this document to add or remove owners. If you're going into business with someone, it's a good idea to work out in advance who owns what share. We'll walk you through all the steps you need to transfer, buy, or sell a patent.
When to use a Patent Assignment:
- You are buying or selling a patent or a patent application.
- You want to add, remove, or change the name of the patent owner.
Sample Patent Assignment
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Patent Assignment
This Patent Assignment (hereinafter referred to as the "Assignment") is made and entered into on (the "Effective Date") by and between the following parties:
a
,
(the "Assignor")
AND
,
(the "Assignee")
WHEREAS, the Assignor is the sole and rightful owner of certain ideas, inventions, patent applications therefor and patents thereon (collectively referred to as the "Patents") set forth in Exhibit A attached hereto; and
WHEREAS, the Assignee desires to purchase or acquire the Assignor's right, title, and interest in and to the Patents; and
WHEREAS, the Assignor and Assignee are both duly authorized and capable of entering into this Assignment.
NOW, THEREFORE, for valuable consideration, the receipt of which is acknowledged, the parties hereto agree as follows:
1. ASSIGNMENT.
The Assignor does hereby sell, assign, transfer and set over to Assignee % of its right, title, and interest in the Patents to Assignee for the entire term of the Patents and any reissues or extensions and for the entire terms of any patents, reissues or extensions that may issue from foreign applications, divisions, continuations in whole or part or substitute applications filed claiming the benefit of the Patents. The right, title, and interest conveyed in this Assignment is to be held and enjoyed by Assignee and Assignee's successors as fully and exclusively as it would have been held and enjoyed by Assignor had this assignment not been made.
The Assignor authorizes United States Patent and Trademark Office and any other applicable jurisdictions outside the United States to record the transfer of the patent and/or patent applications set forth in Exhibit A to Assignee as recipient of Assignor's right, title and interest therein.
Assignor further agrees to: (a) cooperate with Assignee in the protection of the patent rights and prosecution and protection of foreign counterparts; (b) execute, verify, acknowledge and deliver all such further papers, including patent applications and instruments of transfer; and (c) perform such other acts as Assignee lawfully may request to obtain or maintain the Patents and any and all applications and registrations for the invention in any and all countries.
2. WARRANTY.
Assignor warrants that Assignor is the legal owner of all right, title and interest in the Patents, that the Patents have not been previously pledged, assigned, or encumbered and that this Assignment does not infringe on the rights of any person.
3. GOVERNING LAW.
This Assignment is governed by, and is to be construed in accordance with the laws of the State of .
4. ENTIRE AGREEMENT.
This Assignment constitutes the sole agreement of the parties and supersedes all oral negotiations and prior writings with respect to the subject matter hereof.
5. SEVERABILITY.
If one or more provisions of this Assignment are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. If the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision will be excluded from this Assignment, (ii) the balance of the Assignment will be interpreted as if such provision were so excluded and (iii) the balance of the Assignment will be enforceable in accordance with its terms.
6. ADVICE OF COUNSEL.
EACH PARTY ACKNOWLEDGES THAT, IN EXECUTING THIS AGREEMENT, SUCH PARTY HAS HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND HAS READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT WILL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.
IN WITNESS whereof, the Assignor and Assignee have executed this Agreement as of the Effective Date.
Assignor:
| By: | ___________________________________ | Date: __________________ |
Assignee:
| By: | ___________________________________ | Date: __________________ |
[Notary Acknowledgement to Follow]
Exhibit A
List of Patents
U.S. Patent/Application number:
Dated:
Title:
Assignor Acknowledgement
| State of | ) |
| County of | ) |
____________________________ ASSIGNOR, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
________________________________________ (Notary Seal)
Notary Public
________________________________________
My commission expires
Assignee Acknowledgement
| State of | ) |
| County of | ) |
____________________________ ASSIGNEE, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
________________________________________ (Notary Seal)
Notary Public
________________________________________
My commission expires
