Intellectual Property (IP) is an asset.
Whether it’s a trade mark protecting a brand name, copyright protection for music or a patent protecting an invention, the protection granted by intellectual property rights is an asset that can be sold or licenced. This works in the same way as if you were to sell or licence a tangible object.
As its an asset, your IP holds a value. Therefore, if you are going to sell your IP, it is important that this is formalised into an agreement.
This agreement is called an IP assignment. The assignment details to whom, from whom the IP is being transferred, details of how much is being paid for it, and assurances from the seller as to the legitimacy of the rights held.
Within the assignment, there will be a schedule. This schedule will provide details of the exact IP rights that are being transferred. If the IP includes trade marks and patents, then this would include registration details, such as important dates and reference numbers.
The assignment is a deed, and therefore needs to be formally executed by both parties. Once the document has been executed, it is legally binding.
Once the legal transfer has taken place, there may be some administrative tasks to complete, which include filing a change of ownership application with the relevant Intellectual Property Office who will then update the register with the correct ownership details.
If you would like assistance in transferring the ownership of your intellectual property, then please get in touch with our IP team today.
