IP Licensing and Assignments

Intellectual property or IP refers to the business assets that you or your employees have. This thing makes you unique and different from your competitors. Hence, it is as important as your tangible property. Various companies work by the marketing of the products or services depending on the intellectual property rights. Therefore, these companies safeguard their valuable intellectual property via patents, trademarks, copyrights, and other legal devices.

It is more easy and helpful to allow third party to use your intellectual property especially when you have protected them. A third party or anyone can use your intellectual property based on intellectual property agreements and contracts. The third-party has to pay you when they are using your valuable intellectual property and strictly follow these agreements.

These agreements are very complicated that will predict how a third party can utilize your intellectual property. Intellectual property agreements and contracts are of great significance so the owner should carefully handle all these situations. The owner should have a reliable lawyer when signing an intellectual property agreement. A reliable lawyer will make things easy for you and can manage the situation if a third party tries to exploit you.

Forms of Intellectual Property Agreements and Contracts

 You can also give your intellectual property rights to other parties. So, it can be in the form of assignment agreements and intellectual property license agreements.

• Intellectual Property Assignment Agreements

You confer some or all of your IP rights to a third party or assignee under the assignment agreement. Then, a third party or assignee has to pay you in exchange for that intellectual property. This procedure is the same as you sell your tangible property to a third party for a permanent transfer. Hence, when you have transferred the property, then you do not have any rights on that property. Furthermore. you cannot claim that it is your property after permanently transferring it.

• Intellectual Property License Agreements

Under this agreement, you allow a third party or assignee to use all or some of your IP rights. However, you still have the ownership of the patent, trademark, or copyright while allowing a third party to use it as well. Moreover, the third party can use this intellectual property for a specific period and he/she has to pay you. These intellectual property contracts have mentioned the termination and starting date.