Written by Jody Tsigarides on 20 October 2009« Return to Reading Room
A very common aspect of patent protection and exploitation is the assignment of a patent to a third party.
Many inventors are just that; inventors. They do not have the means or desire to actively market the invention. Therefore many patent owners assign the rights to a third party who want to exploit the patent and who have the infrastructure to do so.
When a suitable patent assignment agreement has been signed the assignee takes all rights to the patent and is entitled to exploit the patent as they so wish.
An assignment will only be valid if it is made in writing and signed by (or on behalf of) both parties.
It is important that the assignment agreement is drafted thoroughly and all legal and commercial factors are taken into consideration.
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