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One of the primary ways that you can sell or acquire intellectual property is through assignment. This Intellectual Assignment of Intellectual Property is used to assign intellectual property. Assigning intellectual property is the transfer of the rights of that intellectual property from one party to another, usually for monetary consideration. Whether you are starting a business or running a business, intellectual property is a significant piece of your business’s value. It is important to ensure that the terms of any assignment of intellectual property is clear at any stage of your business or career.
Use this Intellectual Property Agreement if:
- You would like to assign intellectual property to another person or company; or
- You would like to be assigned intellectual property from another person or company.
What does the Intellectual Property Agreement cover?
- Assignment fee and assigment date;
- The rights and obligations of the Assignor and Assignee; and
- Payment, warranties, indemnities and GST.
Other names for an Intellectual Property Agreement include:
- IP Agreement;
- Intellectual Property Agreement;
- IP Assignment Agreement; and
- IP Contract.
What intellectual property rights can be transferred?
If an owner of a registered patent, trade mark, design, or plant breed, wishes to transfer their intellectual property ownership rights to another person or persons, they may do so in accordance with the relevant Intellectual property laws.
Is the creator of intellectual property always the owner?
The creator of intellectual property is not always the owner, as they may wish to sell or transfer their ownership rights to another person or persons. If the intellectual property was created in the course of their employment, often the ownership rights are of the employer.
Do Intellectual Property Agreements apply internationally?
No, the intellectual property assignment would only apply in the country specified in the assignment agreement.
Do Intellectual Property Agreements expire?
Depending on the type of intellectual property that has been registered (patent, trademark, design, or plant breed), the ownership rights would have an expiry date. The expiry date is calculated from the day in which the original owner has applied for an Intellectual property registration, also known as the priority date.
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