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Intellectual Property Agreement Template
What Is an Intellectual Property Agreement?
An Intellectual Property Agreement is a legal document that outlines the assignment of various intellectual property - a transfer of intellectual property rights, title, and interest from one individual or entity (the assignor) to the other (assignee). It can be used to transfer rights in patents, software, copyrights, and trademarks. You can transfer these intangible assets separately or as a part of a large acquisition that includes other assets and stock - it is quite common in business.
Download an Intellectual Property Agreement through the link below or draft your own document using our online form builder.
A sub-type of this document is an Employee Intellectual Property Agreement - it covers the transfer of intellectual property created by the employee during their employment at the request and expense of the employer to the organization they worked for. This type of agreement is often completed in companies that specialize in developing new products or handling inventions.
How to Write an Intellectual Property Agreement?
Follow these steps to compose an Intellectual Property Agreement:
- Identify the parties to the contract by their names (or business names), mailing addresses, and driver's license numbers if you transfer intellectual property from one person to another.
- Confirm the assignment of intellectual property - all present and future interest and rights to the property named in the agreement now belong to the assignee. You need to provide a full description of the subject matter of the contract - list all codes, designs, formulas, trademarks, and trade secrets. Do not forget to add modifications and improvements that exist at the time of signing papers - they are an integral part of the intellectual property and must be transferred along with it.
- Determine how you will cooperate with the other party to obtain copyrights and patents necessary to secure the assignee's ownership rights. You can already decide the date when you go together to the United States Patent and Trademark Office (USPTO) and finalize the transfer.
- Indicate when the agreement becomes effective - it is possible to state a future date, for instance, January 1 of the next year if the assignor needs to retain ownership for some time. If the assignor is your current employee, you can become the sole owner of the intellectual property rights once their employment is terminated or ended by mutual consent.
- Enter the amount of money the assignor receives from the assignee. The compensation can be paid in installments, royalties, or you can agree on a lump-sum payment. The assignor can decide whether to accept a one-time payment or gamble for long-term, yet not guaranteed, profits.
- When your transfer intellectual property from the employee to the employer, obtain the employee's consent to return all tangible property that contains intellectual property that now belongs to the employer.
- Add general clauses that exist in similar contracts - choice of law, severability, waiver, etc.
- Sign and date the agreement. Your signatures certify that you have read and understood the document in its entirety.
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