About IP Assignment
An intellectual property assignment is a transfer of an owner's rights, title and interest in certain intellectual property rights. The transferring party ("assignor") transfers to the receiving party ("assignee") its property in intellectual property rights, such as patents, trademarks, industrial designs and copyrights.
The owner of the intellectual property rights may transfer all or part of his rights - e.g. the copyright owner could assign only some of his economic prerogatives. The transfer of intellectual property rights is made upon a payment of a lump sum or royalties.
The assignment of intellectual property rights can be made as a separate transaction of intangible assets, or it may occur as part of much larger acquisitions of assets such as sales of business assets, mergers or stock purchases. However, ownership of intangible assets is not affected by the mere acquisition of shares in a company.
A valid IP assignment usually includes the following-
a) Which party the assigner is and which party the Assignee is
b) A complete and concise description of the property being transferred
c) the obligations of the parties in order to avoid any subsequent conflict with regards to the extent of these obligations d) A description of each party’s future obligations