Why you need an Intellectual Property Assignment Agreement
Has a third party designed you a logo? Are you selling software? How about are you acquiring a company? This agreement enables Intellectual Property (IP) rights to transfer smoothly from one party to another.
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What is an IP Assignment Agreement?
Sometimes one piece of work or software will contain different IP rights in them (e.g. patents, trademarks, or designs). Therefore, you need a template that will cover the full spectrum of intellectual property that could be contained in the transferring material.
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Frequently Asked Questions
Q: Can I have an IP Assignment Agreement for team members?
A: Yes, you can. If a team has created something under a contract, then the assignment of Intellectual Property can be stipulated. If there is no contract, then it is very likely all team members will have a claim to the rights of the Intellectual Property and later down the line it might be worth creating an agreement to re-assign the rights.
Q: What types of Intellectual Property Rights are there?
A: Some examples of IP rights are copyright, design rights, trademarks, patents and trade secrets.
Q: What are moral rights?
A: Moral rights are linked to copyright, but are slightly different. Moral rights relate to authors maintaining control over creative works. The main points to note are:
- (1) that the author has a right to be named on the work,
- (2) the author has a right for the work not to suffer degradation and
- (3) the author has the right for their work not to be show.
Q: Do you have to exchange money for Intellectual Property Rights?
A: No, if you draft your intellectual property assignment as a “deed”, as opposed to a “contract”.
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