WHAT IS AN INTELLECTUAL PROPERTY AGREEMENT?
Intellectual property can be an invaluable asset for an individual or business and includes patents, trademarks and copyrights. There are many different types of intellectual property agreements including but not limited to intellectual property licensing agreements, intellectual property assignment agreements, research and development agreements, and invention assignment agreements. Intellectual property agreements may include ancillary agreements such as confidentiality agreements and non-disclosure agreements to protect the rights of the intellectual property owner. More information about some of the common intellectual property agreements can be found below.
A licensing agreement permits the use, market, or sale of an individual or entity’s patent, trademark or copyright. Licensing agreements grant an individual or entity the temporary licensing rights of a licensor’s intellectual property, thereby allowing the licensor to retain full ownership of the intellectual property. An example of when a licensing agreement may be used includes a licensor granting an individual or entity the licensing rights to use their software.
An assignment agreement permits the transfer of all the intellectual property rights of the intellectual property owner to an individual or entity, thereby transferring intellectual property ownership to the individual or entity. Assignment agreements may be drafted for patents, trademarks or copyrights where the intellectual property owner wants to sell ownership to another individual or entity.
INVENTION ASSIGNMENT AGREEMENTS
An invention assignment agreement is typically between a business and its employees. It requires the employees to disclose any invention, design, or idea they create while employed and assign all ownership rights of the intellectual property to the business. An invention assignment agreement protects a business from its employees accessing their resources or existing intellectual property and using it to create their own intellectual property. An example of when an invention assignment agreement may be used includes a pharmaceutical company that employs scientists to design new medicine for the business.
Protect your innovative ideas and intellectual assets with robust legal agreements. Contact Jahanshahi Law Firm for expert assistance in crafting intellectual property agreements tailored to your unique needs.
Disclaimer: The information contained in this article is not to be construed as legal advice. The content is drafted and published only for the purpose of providing the public with general information regarding various real estate and business law topics. For legal advice, please contact us.
About the Author:
Shahriar Jahanshahi is the founder and principal lawyer at Jahanshahi Law Firm with a practice focus on representing business star-ups and investors in the province of Ontario. For further information about Shahriar Jahanshahi, click here.