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Buying and selling property is a crucial component to a company's long-term life and vitality. Though it takes up little physical space, an overabundance of intellectual property can be a burden to a company. Defending against third-party claims, directing toward obtaining registrations or creating and marketing a final product can drain an organization's limited capital. Selling off unused or surplus intellectual property can have a positive impact on a company's finances immediately by generating revenue and decreasing cost.
Growing companies looking to purchase property (including patent applications and other undeveloped inventions) must be absolutely certain that a seller has the title to the desired items. A properly-drafted patent application assignment can help both the seller and purchaser of intellectual property.
A patent application assignment is the transfer of an owner's property rights in a given application for a patent or patents. This is often used while a patent is still pending. Such transfers may occur on their own or as parts of larger asset sales or purchases. Patent application assignment agreements both provide records of ownership and transfer and protect the rights of all parties.
With a LegalZoom Patent Application Assignment you'll have written acknowledgment of the rights and responsibilities being transferred as part of your sale. This will help you to establish a clear record of title for all of your patent applications.
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