Kentucky Contract for Assignment of Patent Rights
Description
How to fill out Contract For Assignment Of Patent Rights?
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FAQ
The assignment of rights is a legal process where one party assigns their rights in an asset to another party. In our context, a Kentucky Contract for Assignment of Patent Rights facilitates the transfer of patent ownership, ensuring that the new owner can utilize, license, or sell the patent. This process empowers individuals or businesses to maximize the potential of their patented ideas or inventions.
The USPTO does not require patent assignments to be notarized. The patent office only requires that the assignment be executed and signed by both the assignor and the assignee. Once an agreement is executed and signed by the parties, the assignment must be recorded with the patent office.
Steps to File a Patent AssignmentFill Out a Recordation Form Cover Sheet. The Recordation Form Cover Sheet is an official USPTO document.Complete a Patent Assignment Agreement.Sign the Patent Assignment Agreement.Submit the Patent Assignment.
Ownership in IP (trademarks, copyrights, trade secrets, and patents) does not automatically transfer to a company, even when the creator becomes an owner of the company. The only way to transfer the IP to the company is for the founder to sign and deliver an assignment of intellectual property rights to the company.
All parties must sign the agreement, with limited exceptions in situations where the assignor cannot be reached but where enough evidence exists that documents their intentions and rights. File the patent assignment with the USPTO within three months after the agreement is signed, paying the then-current fee.
A patent assignment is an agreement where one entity (the assignor) transfers all or part of their right, title and interest in a patent or application to another entity (the assignee).
Basically speaking, a patent assignment is a legal way for an inventor to transfer ownership of a patent to a business. As you may recall, in the United States, only a person (or group of people) can be listed as the inventor of a patent; a business cannot be listed as the inventor.
Assigning your patent rights to your company helps to build the asset valuation of your company, which will be important to any investors or lenders you may seek. Investors and lenders will often require you to assign patent rights to your company before they will complete a transaction with your company.
Clearly identify all parties: Include the names, addresses, and relationship of the assignor(s) and assignee. Clearly identify the patent being assigned: State the patent or patent application number, title, inventors, and filing date. Be signed by the assignors.
Patent assignment transfers your ownership rights in your patent from yourself to your company. This means that once you assign the patent, you transfer all ownership and control of that patent and its intellectual property rights as the patent inventor to another entity/company, known as an assignee.
