An IP Assignment is a document that transfers IP rights from one party to another. The IP rights may be for example a Patent or Trademark Registration, but pending rights can also be transferred like a patent or trademark application.
When would you use an IP Assignment?
Monetizing your IP
If you have IP that you no longer use or need, you may want to consider selling your IP rights to someone else for a profit. Just like selling a house, you can sell your IP rights (e.g. Patents, Trademarks, Designs, Copyright) to another person or company through an IP Assignment.
Chain of Title
As well, IP assignments are used to maintain and prove chain of title. For example, when your business restructures (e.g. from a sole proprietor to a corporation) or changes its name, you should use an IP Assignment to formally transfer the ownership of the IP from the old company name to the new one.
Employees & IP Ownership
Although many companies have employment contracts that
indicate IP created by employees is owned by the employer, it is always a good idea to use IP Assignments to assign rights to important IP from the employee creator/inventor to the company.
Need an IP Assignment prepared? Contact Sander Law today.
The above content is for informational purposes only and is not legal or professional advice.