Docstoc Legal Agreements
This is an agreement which effectively assigns a patent holder's rights in and to a patent to
another party. The agreement sets forth the specific terms and conditions of the
assignment including the identities of the assignor and assignee, a patent description and
payment details. It is necessary to memorialize this transaction in written form and to
record it with the United States Patent and Trademark Office in order to prevent any future
litigation or disagreements. This document should be used by an individual or company
located in Tennessee that assigns or acquires patent rights in an invention.
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PATENT ASSIGNMENT AGREEMENT
THIS PATENT ASSIGNMENT AGREEMENT made on this ____ [Month] ____ [Date],
20____ by and between ______________________ [Instruction: Insert the name of patent
holder], residing at ___________________________________________ [Instruction: Insert
the address of patent holder] (hereinafter referred to as the “Assignor”), and
___________________ [Instruction: Insert the name of an individual or entity desiring to
obtain the patent rights], having an address at ___________________________ [Instruction:
Insert the address of assignee entity/individual] (hereinafter referred to as the “Assignee”).
Assignor on the one hand and Assignee on the other hand, are each sometimes referred to herein
as “Party” and collectively as the “Parties” to this Agreement.
NOW, THEREFORE, In consideration of the payments set out in this Agreement, the Assignor
has authorized the Assignee to use the patent on the terms and conditions contained herein
(“Assignment”).
1. Definition
Pending Patent: Patent pending means that inventor has either filed a Provisional
application or a complete application for a patent which is not yet granted.
2. Patent Description
By application dated ____ [Month] ____ [Date], 20____, the Assignor applied for and
subsequently received from the United States Patent & Trademark Office a Patent dated
____ [Month] ____ [Date], 20____ bearing Patent Number _____________ [Instruction:
Insert the patent application number], a copy of which is attached to this Assignment as
Exhibit A, reduced to practice on ____ [Month] ____ [Date], 20____.
3. Assignment
Pursuant to and for the consideration set out in Clause 4 below, the Assignor hereby vests,
transfers and assigns to the Assignee, absolutely with full title guarantee, all its right, title,
interest, claim and demand in and to the Patent.
4. Payment
In consideration for the assignment of the Patents, Inventions and Improvements hereunder,
Assignor shall receive the following compensation:
A flat fee of ________ ($___) [Instruction: Insert the amount, e.g., twenty thousand
dollars ($20,000) [Instruction: Insert the amount] as full payment for all rights granted.
Payment shall be made upon execution of this Agreement.
© Copyright 2011 Docstoc Inc. registered document proprietary, copy not 2
5. Improvements [OPTIONAL]
a) If the Assignor makes, devises or discovers, or otherwise acquires rights in, any
Improvement, it shall promptly notify the Assignee in writing, giving details of the
Improvement.
b) Unless prohibited by law, the Assignor shall immediately assign, vest and transfer to the
Assignee, for no additional consideration, all such Improvements and the Inventions
related thereto which shall be then regarded as part of the Patents, and the provision of
the Agr