IP Assignment Deed/Agreement
Intellectual Property Assignment Deed/Agreement
If your business’s financial viability rests on a valuable idea, it’s a good idea to ensure the company owns it.
Copyright, moral rights and exclusive use and development of intellectual property rests with its creator or inventor unless specifically assigned pursuant to an intellectual property assignment deed or agreement.
WHAT DOES IT COVER?
An IP Assignment Deed/Agreement is a contract which grants ownership in intellectual property from one party to another. As with all contracts, consideration for the deal must be paid, usually in monetary form. This is an essential ingredient to ensuring a valid contract and serves to demonstrate the the IP has effectively exchanged hands from the creator to the owner.
WHY IS THIS IMPORTANT?
IP Assignment Deeds/Agreements are common where the founders/directors of a company have developed an idea prior to its registration or incorporation. It also frequently appears in employment agreements to ensure that the entity for which intellectual property is being created is also the legal owner of that intellectual property. In each of these situations the assignment passes ownership of IP to the company ensuring that any future profits are legally the company’s.