What is a Assignment of Intellectual Property Rights ?
An Assignment of Intellectual Property Rights sets out the transfer of ownership between the seller and the buyer of a company’s intellectual property.
An Assignment of Intellectual Property Rights allows the seller to get paid for the intellectual property rights and the buyer is free to commercialise (or “exploit”) the intellectual property for any purpose. Intellectual property includes patents, trade marks, designs, copyright, goodwill, and rights in know-how and confidential information (also extending to trade secrets).
An Assignment of Intellectual Property Rights grants the buyer ownership and consequently the right to use the intellectual property. For trade marks, patents, copyright, and designs, the assignment needs to be in writing in order to be effective.
Key points included
- Types of intellectual property assigned;
- Intellectual property derived from project-based work;
- Unregistered intellectual property rights (if any); and
- Price of assignment.