Correctly Assign IP Rights for Your Business

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WHAT IS AN ASSIGNMENT OF IP RIGHTS?

An Assignment of Intellectual Property Rights is a legally binding agreement that transfers from the creator to another person the rights to the intellectual property. There are two major types of IP assignments. They are invention assignment agreements and technology assignment agreements.

The invention assignment agreement assigns and provides ownership rights of any new inventions created by founders and employees of a newly formed company. A confidentiality agreement usually accompanies this type of assignment agreement.

The technology assignment agreement may allow the developers to retain rights or they can sell them to the company especially in instances of new start-ups.

WHEN DO YOU NEED AN ASSIGNMENT OF IP RIGHTS?

An Assignment of IP Rights is very important in today’s world because it is one of the primary documents that potential investors will seek out and read before making the decision to invest in the company. The assignment of IP property rights also helps to prevent unsavoury companies from copying your products and or technology.

WHAT IS INCLUDED IN AN ASSIGNMENT OF IP RIGHTS?

An Assignment of IP Rights agreement should include the following:

  • Name and information regarding the company and specific employee and his or her title and duties.
  • A detailed explanation that all inventions created or improved by employees are the property of the company, not the employees.
  • A statement that employees will inform the company of any new technology, work product, etc. when and if it is created. This clause is especially critical if employees develop technology or inventions that may be in competition with the company’s products.
  • A Power of Attorney clause that allows the company to assert control and ownership of all products produced by employees while in the company’s employ without the employee’s acquiesce.

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