Startup Series Part 1: Intellectual Property

Date published: 2019-08-28   — by Guya Santomauro

What is an Assignment of IP?

An Assignment of intellectual property (IP) is a formal legal contract that allows collaborating institutions to legally sell, and or buy, IP rights from one another. An Assignment of IP rights will implement all terms and conditions on the parties in accordance with the contract signed by them. 

The following document may provide a claim against:

  • They who signed the assignment but did not fulfil entirely their side of the contract; and
  • They who signed the assignment and fulfilled entirely their side of the contract but it was not of the standard expected.

An assignment is a very powerful tool that can either protect or destroy the interests of a company. It is a double-edged sword that can work both in favour of or against, all parties that took part in the contract.

As such, when an Assignment of IP protection is used, the company should be aware that the contract will implement all terms and conditions on all parties involved. 

This article does not constitute legal advice.

The opinions expressed in the column above represent the author’s own.

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READ MORE: Good Business Idea? How To Protect It Through Intellectual Property Rights

READ MORE: UK Legal StartUp Toolkit: The Documents Your Business Needs To Grow

Tags: Intellectual Property | SME | startups | UK | z-syndicate


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