Patent Assignment

Patent assignment refers to the process of transferring the rights of a patent or patent application from the current owner to another individual or company. 

A patent or patent application can be transferred to a new owner either once granted or while being processed through an assignment of rights.

Patent assignments also known as patent assignment agreements, outline:

  • The terms and conditions of the change in ownership 
  • The scope of the rights being transferred
  • Any limitations regarding the transfer of rights and
  • Details of any financial agreements 

The document must also clearly identify the assignor and assignee using their legally recognised names. 

Preparation

A legally recognised contract, a patent assignment does not have to be prepared by a legal professional, such as a patent attorney, however, it is recommended to do so. 

This helps to avoid conflicts at a later date regarding the terms of the transfer and limits the risk of an involved party claiming their agreement was invalid.

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