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Companies also assign rights for issued patents, which relieves the assignor of the burden of enforcing their intellectual property and provides a source of revenue.Patent assignments can be lucrative for both parties.
The USPTO maintains a patent assignment database that includes all the assignments recorded since August 1980.
Using the database, you can search with the assignor's or assignee's name, the patent number, application number, publication number, or other identifying information.
A patent assignment agreement documents the transfer and arrangement between the parties.
If you are considering entering into one, know that you need it to be written—a verbal agreement alone is insufficient.
Well-executed ownership assignments are legally binding, but what does “well-executed” mean?
Patent ownership assignments have several formal requirements to be considered valid.
Co-owners can independently sell, mortgage, transfer, and will their rights to a patent.
To avoid these kinds of issues, most attorneys recommend that a single entity be the patent owner.
Assignments must: These rules are good practice and are an essential starting place to ensure the validity and enforceability of your patent assignments, but validity doesn’t end here.
As with any quality contract, the legal language is key to eliminating ambiguity in your agreements.