Patent Assignment
Patent Assignment
_______________, referred to as INVENTOR, and ________________, referred to as PURCHASER, in consideration of $_______________ (_____________________ &___/100 dollars) agree:
INVENTOR assigns to PURCHASER, and their heirs and assigns, all rights related to U.S. Patent Serial No._____________________, for an invention described as ________________________________, including rights to apply for a patent or to practice the invention worldwide.
INVENTOR warrants that the title to the patent is free and clear and that INVENTOR is not aware of any adverse claims thereto and shall defend the patent at its expense.
1. Notices.
Any notice required by this Agreement or given in connection with it, shall be in writing and shall be given to the appropriate party by personal delivery or a recognized over night delivery service such as FedEx.
If to Purchaser: _____________________________________________________.
If to Inventor: ___________________________________________________.
2. No Waiver.
The waiver or failure of either party to exercise in any respect any right provided in this agreement shall not be deemed a waiver of any other right or remedy to which the party may be entitled.
3. Entirety of Agreement.
The terms and conditions set forth herein constitute the entire agreement between the parties and supersede any communications or previous agreements with respect to the subject matter of this Agreement. There are no written or oral understandings directly or indirectly related to this Agreement that are not set forth herein. No change can be made to this Agreement other than in writing and signed by both parties.
4. Governing Law.
This Agreement shall be construed and enforced according to the laws of the State of ____________________ and any dispute under this Agreement must be brought in this venue and no other.
5. Headings in this Agreement
The headings in this Agreement are for convenience only, confirm no rights or obligations in either party, and do not alter any terms of this Agreement.
6. Severability.
If any term of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable term had never been included.
In Witness whereof, the parties have executed this Agreement as of the date first written above.
_________________________ _______________________
Inventor Purchaser___________________
Date
__________________________
WitnessPatent Assignment
Review ListThis review list is provided to inform you about this document in question and assist you in its preparation. This Patent Assignment can be used and revised for an assignment of any intellectual property rights. This agreement provides for an outright purchase. This is much less subject to dispute than royalty or installment purchases, which often wind up in dispute and litigation. This is a clean-cut agreement subject to virtually no dispute. We strongly recommend you use it on both sides of the transaction.
1. Make multiple copies. Keep copies in the appropriate related files.
Frequently Asked Questions
What is a patent assignment?
A patent assignment is a legal agreement in which an inventor transfers all rights related to a U.S. patent to a purchaser. The assignment includes the rights to apply for a patent or to practice the invention worldwide. It is a formal way to transfer ownership of a patent from one party to another.
What does a patent assignment agreement include?
A patent assignment agreement typically includes the identification of the inventor and purchaser, the consideration amount, the patent serial number, and a description of the invention. It also contains provisions for notices and no waiver. The agreement may also include warranties regarding the title of the patent.
What rights are transferred in a patent assignment?
In a patent assignment, the inventor assigns to the purchaser all rights related to the specified U.S. patent, including the rights to apply for a patent or to practice the invention worldwide. These rights are transferred to the purchaser and their heirs and assigns. This means the purchaser gains full ownership and control over the patent rights.
What warranties does the inventor make in a patent assignment?
The inventor warrants that the title to the patent is free and clear and that they are not aware of any adverse claims. The inventor also agrees to defend the patent at their own expense. These warranties provide assurance to the purchaser about the patent's ownership status.
How are notices given under a patent assignment agreement?
Notices required by the agreement or given in connection with it must be in writing and delivered personally or via a recognized overnight delivery service such as FedEx. The agreement specifies the addresses for the purchaser and inventor. This ensures proper communication between the parties.
What is the consideration in a patent assignment?
The consideration is a monetary amount paid by the purchaser to the inventor, as specified in the agreement. It is written in dollars and cents. This consideration is the exchange for the transfer of patent rights.
Can a patent assignment be waived?
According to the agreement, the waiver or failure of either party to exercise any right provided in the agreement shall not be deemed a waiver of any other right or remedy. This means that not enforcing a right does not waive it. The no waiver clause protects both parties' rights.
What is the governing law for a patent assignment?
The provided article does not specify the governing law for the patent assignment. The agreement may include a clause on governing law, but it is not mentioned in the text. Parties should consult the full agreement or legal counsel for this information.
Is a patent assignment recorded with the USPTO?
The article does not mention recording the assignment with the USPTO. However, recording a patent assignment with the USPTO is a common practice to provide public notice of the ownership change. The agreement itself does not address this step.
What happens if the patent has adverse claims?
The inventor warrants that they are not aware of any adverse claims to the patent. If adverse claims exist, the inventor may be in breach of the warranty. The inventor also agrees to defend the patent at their expense, which may cover legal challenges to the title.
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