Intellectual Property Assignment Agreement Template
Use our intellectual property assignment agreement template to create a contract that forces any employee who is leaving your business to transfer intellectual property they created while working for you back to your company.
What to Know Before Using our Intellectual Property Assignment Agreement Template
Intellectual property assignment agreements are normally created prior to the start of employment. The reason for this is that the employee may want to limit the scope of what this contract covers. This document is especially useful for researches or creators. By signing this contract, they can take a job with access to the equipment that would otherwise be unobtainable. This allows them to have a steady income while continuing to work on their personal projects.
Intellectual property assignment agreements are most useful for employer and employee relationships. However, these agreements are just as important for any business and individuals that work with intellectual property. Typically, one party sells the rights to its intellectual property in exchange for money. While money is the usual form of payment, other objects with monetary value can be used. This refers to consideration which is one of the most important parts of the agreement. Consideration must be present for any contract to be legal.
As an employee, there is one important thing to note. Included in the contract if you have invented, conceived, or created anything of intellectual value prior to your current employment. Stating this fact prior to employment will help a judge rule on a case where intellectual property is concerned. Include this information in Exhibit A.
Finally, different states and countries place restrictions on what and to what extent intellectual property may be transferred. Thus, both parties involved in this agreement should consult a lawyer before signing.