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One of the vital components to a company's well-being is the buying and selling of property. Though it takes up little physical space, excess intellectual property can be a burden to a company. Directing funds toward obtaining registrations, defending against third-party claims or creating and marketing a final product can drain an organization's limited capital. Selling unused or surplus intellectual property can positively impact a company's finances immediately by generating revenue and decreasing costs.
Growing companies looking to purchase property (including patent other inventions) must be absolutely certain that a seller has the title to the desired items. A properly-drafted patent assignment can help both the seller and purchaser of intellectual property.
A patent assignment is the transfer of an owner's property rights in a given patent or patents, and any application for patents. Such transfers may occur on their own or as parts of larger asset sales or purchases. Patent assignment agreements both provide records of ownership and transfer and protect the rights of all parties.
With a LegalZoom Patent 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 patents.
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