Owning a patent is much like owning property. Just as you can sell or lease your property, you could do the same with your patent with assignment or license, respectively. Patent assignment is an inventor’s granting of all of his patent rights (or future patent rights) to another person or entity. In contrast, a license only grants another person or entity a portion of the patent rights for a limited period of time. The portion and duration of those rights is something the licensor and licensee can negotiate.
A patent assignment is an irrevocable agreement for a patent owner to sell, give away, or transfer interest to an assignee, who can enforce the patent.
A patent assignment is a part of how to patent and idea and is an irrevocable agreement for a patent owner to sell, give away, or transfer his or her interest to an assignee, who can benefit from and enforce the patent. The assignee receives the original owner’s interest and gains the exclusive rights to the intellectual property. He or she can sue others for making or selling the invention or design.
There are four types of patent assignments:
- Assignment of Rights – Patent Issued: This is for patents that have already been issued.
- Assignment of Rights – Patent Application: This is for patents still in the application process. After filing this form, the assignee can be listed as the patent applicant.
- Assignment of Intellectual Property Rights – No Patent Issued or Application Filed: This is for unregistered inventions with no patent.
- Exclusive Rights
Patent Assignment vs. Licensing
Practically, patent assignment is very similar to patent licensing, especially exclusive licenses. Both transfer patent rights to another person or company. While licenses are temporary, however, assignment is permanent. Licensing patent rights is like renting property. Royalties are collected over time, but ownership does not transfer. Patent assignment agreements permanently transfer ownership. You can review and download a free template Patent Assignment Agreement or Patent License Agreement in Priori Legal’s Document & Form Learning Center.
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