Your company’s intellectual property may be the most valuable property you have – and whether you are drafting an agreement to license your intellectual property or intend to license another party’s intellectual property, it is critical to understand and review these complex agreements.
There are two main types of intellectual property agreements: Assignment Agreements and Intellectual Property Licensing.
With an assignment agreement, the party owning the intellectual property agrees to relinquish all intellectual property rights (and all involvement) and transfer all aspects of it to another party in exchange for a sum of money – very similar to how one would establish a contract to sell tangible property or a company.
Intellectual property licensing is a different animal altogether that breaks down into several categories (generally):
Exclusive licensing agreements,
Non-exclusive licensing agreements, and
Solo licensing agreements.
There can also be hybrid agreements.
While there are laws surrounding the protection of intellectual property, it remains vital to have sophisticated agreements with terms that are understood by both parties. Whether you are an intellectual property owner, seller, licensee, or an attorney, one of the best ways you can stay abreast of current contract trends, clauses, and content to read intellectual property agreements already successfully implemented and drafted by the nation’s leading law firms. RealDealDocs enables you to do this – and more – each of our millions of documents can be downloaded and customized to your needs.
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