Are you looking to transfer ownership of more than one type of intellectual property right to another party? Docue’s assignment of intellectual property (deed) template is designed to help you legally and efficiently assign various types of IP including patents, trade marks and copyright.
What are the benefits of using Docue's assignment of intellectual property deed template?
Effectively transfer several types of intellectual property rights: An assignment transfers the ownership of the intellectual property from the IP owner to the new owner, leaving the original owner with no further rights in the IP. Docue's assignment of IP (deed) template will prompt you to clearly define the IP and who will own it after the assignment. This can help to avoid future disputes and confusion between the parties.
Protect both parties: An assignment of IP contains legal terms that aim to protect both parties. This IP assignment (deed) template also includes pro-assignor or pro-assignee terms which, depending on the party you select that you are, will give you the option to select terms that are more favourable for you.
Monetise assets: IP is often a company's most valuable asset. Owners can turn IP into a source of revenue by selling the IP to a new owner for a fee. Please note, as this is a deed, there does not need to be a fee payable for the assignment to be legally enforceable, so this template can be used whether the assignee will be paying for the IP or not.
Collaborate and innovate: Assigning IP can also be a way to collaborate and partner with other parties. This can lead to greater innovation and give the new IP owner the chance to develop new, exciting creations!
Record the IP assignment: A well-drafted assignment of intellectual property (deed) template will ensure the IP is clearly defined and the assignment is legally binding to prevent any future disputes. However, please note any assignment of trade marks or patents must be recorded with the Intellectual Property Office (IPO). The IPO must update their records to reflect the new ownership of a patent or trade mark. For more information relating to this, please see the Government’s website for more guidance. In respect of copyright assignment, there isn't a register of copyright works in the UK, as copyright protection is automatic when an original literary, dramatic, musical and artistic work is created. For this reason, it's very important to ensure the copyright assignment is written and recorded to avoid any arguments about who owns the copyright later on!
This template is an assignment of intellectual property under English law and can be used B2B or B2C.
Assignment Vs Licensing
When a type of IP is assigned, the ownership of that IP is transferred from the old owner to the new owner. This leaves the old owner without any rights as the IP will belong to the new owner. But what if you don’t want to completely give up your rights in your copyright, trade mark or patent? Well, in that case, licensing may be a better option for you. While assignment can be seen as selling the ownership of the IP; licensing is like renting the IP out for a fee. If licensed, this means the owner continues to own the IP but the licensee has permission to use the IP. If you’re looking for a licence and not an assignment of intellectual property (deed) template check out Docue’s:
- Copyright Licence template; or
- Trade Mark Licence template.
In these circumstances, the parties should also consider accompanying this document with a non-disclosure agreement to ensure each party's confidential information that is shared in relation to the IP assignment is kept confidential.
What types of IP does Docue’s assignment of intellectual property (deed) template cover?
Copyright: Copyright is a legal right that gives the holder the exclusive right to reproduce, distribute and display a creative work such as a book, song, movie, photograph or software.
Trade marks: a trade mark is a symbol, word or phrase that identifies and distinguishes the goods or services of a particular business or brand. It's how customers recognise a company. For example, Rolex's "crown", the Michelin man and Apple's "apple" are all registered trade marks!
Patents: a patent is an exclusive right that protects a particular product or idea, giving the owner the ability to stop anyone else from using, making or selling the invention for a certain period of time.
Docue will ask you a series of questions relating to the type of IP that will be transferred. Each answer that you give will automatically appear in the template - it really is that simple!
Other types of IP assignment template
This assignment of IP (deed) template should only be used if the parties will only be assigning more than one type of intellectual property. If you are looking for a template to assign just one type of IP, take a look at our:
- trade mark assignment template;
- assignment of copyright template; or
- patent assignment template.
What are the key terms that an assignment of IP should include?
Key terms: This assignment of intellectual property (deed) template gives you the option to include the following key provisions:
- A description of the IP being assigned;
- The parties involved;
- Details of the assignment;
- Warranties (if the deed is drafted in favour of the new owner of the IP) or expressly no warranties (if drafted by the assigning party);
- Price and payment (you can choose not to include this if it's not applicable. As this is a deed, there does not need to be a payment made by the new IP owner for this document to be legally binding);
- Indemnity; and
- Law and jurisdiction.
Why use Docue?
Templates drafted by legal professionals: At Docue, we’re committed to constantly improving our 80+ customisable templates. UK lawyers have developed and maintain each legal document in Docue’s template bank.
Customised to suit your needs: Docue’s platform allows you to access and create a customised assignment of IP (deed) template at the click of a button. With Docue’s easy-to-use contract drafting technology, you can complete the document and send it for signature in minutes. The template also includes helpful guidance prepared by our lawyers that supports you through the contract creation process.
Affordable: Our pricing is clear and cost-effective, without the usual hefty legal bill that a traditional law firm may charge to prepare a bespoke assignment of IP (deed).
Are you ready to simplify your contracting process? Sign up with Docue and see just how easy it is.
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