Ownership of intellectual property (including application for trade marks, patents and designs) can be transferred by assignment. An IP assignment is a permanent transfer of ownership of the IP and the assignee becomes the new owner of the IP. IP assignment can be a viable business strategy as the assignor (old owner) can receive an up-front lump-sum payment for handing over the ownership.
Assignment is completed by an IP assignment agreement which is a contract setting out rights and obligations concerning the IP transfer. If the IP is a registered right, IP Australia should also be notified of the assignment in order to change the public records of the relevant registers.
We can advise and assist businesses in relation to various IP assignment matters.
For more information, call us today on +61 2 9233 1411 or send us an online enquiry.