IP Assignment Agreement Template
All states | 5 types
What Is an IP Assignment Agreement?
An IP assignment agreement is a document that officially transfers ownership of intellectual property (IP) from one person or company to another. Intellectual property includes things like inventions, designs, software, logos, names, and written work — anything that someone creates with their mind. This agreement makes it clear who the new owner is, so there's no confusion or legal trouble later.
When Should I File an IP Assignment Agreement?
You should use an intellectual property assignment agreement when ownership of creative work or inventions needs to change hands. In particular, it may be helpful when you:
A business that owns copyrights, trademarks, or patents is sold;
A freelancer transfers their IP to a company that hired them;
An employee moves IP ownership to their employer. In this case, a special form of the document, an employee ip assignment agreement, is needed;
One company branch assigns rights to another;
A start-up founder leaves, and the business wants to keep the rights to ideas they helped create;
You want someone else to own your registered trademark or patent.
How to Set Up an IP Assignment Agreement
Drafting this document can be simple if you use an IP assignment agreement template and follow these steps:
Write the full name and contact information of the person giving away the IP (the Assignor). Do the same for the person receiving the IP (the Assignee). If you use an employee IP assignment agreement template, add the name of the company to which the intellectual rights are transferred.
Explain what type of intellectual property is being assigned. You might include a software name, patent number, or a short description of the work or design.
Mention whether the assignment is "full" (the Assignee gets complete ownership) or "partial" (the Assignee gets only part of the rights).
State if the Assignee is paying the Assignor and how much. If there's no payment involved, you can say the IP is being transferred as a gift or for another agreed reason.
Choose a date when the transfer becomes official.
Write down which state's laws will apply if ever a disagreement comes up. Usually, this is the state where one of the parties lives or works.
Both the Assignor and the Assignee must sign and date the filled-out intellectual property assignment agreement template.
Always keep a signed copy of the agreement in a safe place.
If you're unsure about what rights to transfer or dealing with a valuable idea, ask a legal professional before you sign anything.
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Frequently Asked Questions
The term "intellectual property" refers to a wide variety of intangible works produced by the human mind that are valuable economically, commercially, or creatively. Patents, copyrights, trademarks, and trade secrets are the primary assets that fall under the intellectual property umbrella.
To provide their creators or owners the sole right to control and profit from their ideas, aesthetic expressions, and distinctive branding, these works can be legally protected with the help of instruments such as an IP assignment agreement. The IP assignment agreement template provided by Lawina strives to ensure that the rights of creators are duly protected.
Having a written IP assignment agreement is strongly recommended. When contributing to open-source projects where a creator desires free distribution and usage of their work, individuals often do not need to use an IP assignment agreement. But in most other circumstances, an agreement outlines the parties involved, the rights being transferred, and all terms or restrictions needed, which mitigates the likelihood of a future dispute.
An IP assignment agreement template reduces the likelihood of misunderstandings, arguments, or eventual litigation by setting clear expectations for both parties. The agreement acts as a legally binding record that may be used to support enforcement of ownership rights if required. All parties are on the same page when the IP assignment agreement is in writing and lays the groundwork for transferring IP rights.
You should customize the IP assignment agreement on Lawrina to suit your needs and expectations. Answer the template-related question to complete the form instantly, review the information, and download a ready-made document in PDF or Word formats. Your IP assignment agreement template is always in your Lawrina account, so you can get back to it whenever you want to review its contents.