Patent assignment refers to the process of transferring the rights of a patent or patent application from the current owner to another individual or company.
A patent or patent application can be transferred to a new owner either once granted or while being processed through an assignment of rights.
Patent assignments also known as patent assignment agreements, outline:
- The terms and conditions of the change in ownership
- The scope of the rights being transferred
- Any limitations regarding the transfer of rights and
- Details of any financial agreements
The document must also clearly identify the assignor and assignee using their legally recognised names.
Preparation
A legally recognised contract, a patent assignment does not have to be prepared by a legal professional, such as a patent attorney, however, it is recommended to do so.
This helps to avoid conflicts at a later date regarding the terms of the transfer and limits the risk of an involved party claiming their agreement was invalid.