Are you looking to transfer the ownership of a patent to another party? This assignment of patents (deed) template provides a simple and legally binding way to assign patents to a new owner.
What is an assignment of patents and why is it important?
A patent assignment is the legal process of transferring the ownership of a patent from one party to another. It is important to ensure a patent has been legitimately transferred to ensure the new owner has the legal rights to use, manufacture and sell the invention covered by the patent, and that the original owner of the patent no longer has any rights to it.
When would you use this template?
This assignment of patent (deed) template should only be used where the owner of the patent is selling or transferring their ownership of the patent to a new owner.
This patent assignment can only be used where the ownership of a patent is being transferred. If you are looking for a template to assign a trade mark, take a look at our trade mark assignment template. Alternatively, if you want to assign the IP rights in a work protected by copyright, then check out our assignment of copyright template.
What is a patent?
Exclusive rights in an invention: A patent is a type of intellectual property right that gives exclusive rights to an inventor or business for a certain period of time (usually up to 20 years from the date of filing) to make, use, and sell an invention. The invention can be a product, process or an improvement of an existing product or process.
Patent protects innovation: Put simply, registered patents offer IP protection for inventions and innovative ideas to prevent copycats from stealing them without permission. Infamous examples include the lightbulb, Bluetooth, Amazon's "super drones" and more recently, Google’s PageRank. Patents will only be granted if the idea is new, inventive, and not already in the public domain.
Legal value: Once they’re registered, patents can become an invaluable intellectual property asset for a business, with countless commercial use cases. To leverage the value of a patent, an assignment of patents deed can be a particularly useful document. For example, if a patent owner wants to sell its invention, it can license the patent to another party to distribute the product without losing its exclusive IP rights.
Registered and unregistered: This assignment of patents (deed) template is wide enough to cover both registered patents and patent applications in progress.
What are the key benefits of using Docue’s assignment of patents (deed)?
Assign patents effectively: Assignments transfer the ownership of the patent (or multiple patents) from the previous owner to the new patent owner. The assignment leaves the original owner with no further rights in relation to the patent. Docue’s assignment of patents (deed) template is a solution for ensuring the transfer of ownership of a patent is legally binding.
Protect both parties: A patent assignment contains legal terms that aim to protect both parties. This patent assignment (deed) template also includes pro-assignor or pro-assignee terms which, depending on which party you select that you are, will give you the option to select terms that are more favourable for you.
Record the patent assignment: A well-drafted assignment of patent (deed) template will ensure the assignment of the patent has been written and transferred properly to prevent disputes. However, please note the patent assignment must be recorded with the Intellectual Property Office (IPO). The IPO will need to update their records to reflect the new ownership of the patent. For more information relating to this, please see the Government’s website for more guidance.
This template is an assignment of patent (deed) template under English law and can be used B2B or B2C.
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 patent assignment is kept confidential.
What are the key terms that an assignment of patent should include?
Key terms: This assignment of patent (deed) template includes all the necessary language to clearly and effectively transfer ownership of your patent, including the following key provisions:
- A description of the patent(s) being transferred;
- 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 patent owner for this document to be legally binding);
- Indemnity; and
- Law and jurisdiction.
Why use Docue?
Lawyer-designed templates: At Docue, we’re committed to constantly improving our 80+ customisable templates. UK lawyers have developed and continuously maintain each legal document in Docue’s template bank. Each template contains clear instructions and handy information boxes to guide you through until you finalise your contract.
Customised to suit your needs: Docue’s platform allows you to access and create a customised assignment of patents (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 includes guidance prepared by our lawyers that supports you through the drafting 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 patents (deed).
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Tags: patents, IP rights, inventions, ownership and assignment of patents, patents assignment, patent transfer agreement, patents assignment template.