Agreement to Assign Invention: What it is and Why it’s Important
When it comes to inventions, protecting your intellectual property is critical. One way to do this is by having an agreement to assign invention in place. This document is a legally binding agreement between an inventor and an assignee, assigning ownership of an invention to the assignee. In this article, we’ll discuss what an agreement to assign invention is, why it’s important, and what should be included in one.
What is an Agreement to Assign Invention?
An agreement to assign invention is a legal document that outlines the transfer of ownership of an invention from one party to another. It is typically used in situations where an inventor is working for a company, and the company wants to ensure that it owns the invention.
The agreement is usually signed before any research or development begins, and it outlines the terms of ownership, including the rights and responsibilities of both parties. Once signed, the inventor agrees to assign all rights, title, and interest in the invention to the assignee upon completion.
Why is an Agreement to Assign Invention Important?
Without an agreement to assign invention in place, there can be a dispute over ownership of the invention if the inventor wants to sell or license it to a third party. In some cases, this can lead to costly legal battles, which can be avoided by having an agreement in place.
By having an agreement to assign invention in place, the assignee can protect its intellectual property rights, prevent others from claiming ownership of the invention, and secure its exclusive rights to the invention.
What Should be Included in an Agreement to Assign Invention?
When drafting an agreement to assign invention, it’s important to include the following:
1. Identification of the parties involved: Include the names of the inventor and the assignee, as well as any other individuals or companies involved in the process.
2. Description of the invention: Provide a detailed description of the invention, including any sketches, diagrams, or prototypes.
3. Terms and conditions of the assignment: Clearly outline the terms and conditions of the assignment, including the rights and responsibilities of both parties.
4. Payment and compensation: If the assignment involves payment, include the amount and the terms of payment. If there is no payment involved, state this explicitly.
5. Confidentiality and non-disclosure: Include a clause that prohibits the inventor from disclosing any information about the invention to third parties.
6. Governing law and jurisdiction: Specify the state or country that will have jurisdiction over any disputes that may arise from the agreement.
Conclusion
An agreement to assign invention is a crucial document for protecting intellectual property rights. By having one in place, inventors and assignees can avoid costly legal battles and secure their exclusive rights to the invention. When drafting an agreement to assign invention, it’s important to include all necessary clauses and to consult with a legal professional to ensure that the agreement is legally binding and enforceable.