Assignment Of Intellectual Property

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If the developer completes the project and then leaves your company, the intellectual property rights are yours.

However, it wouldn’t hurt to have that developer sign an intellectual property assignment agreement, just to prevent problems in the future.

A company’s ability to buy and sell property is essential to its long-term life and vitality.

Although it does not take up physical space, an excess of intellectual property can burden a company, directing limited funds towards maintaining registrations, defending against third-party claims, or creating and marketing a final product.

A couple of key points should be included in the agreement for the best legal protection.

If you are hiring an employee to invent or develop a work product, the rights to those inventions and work products are yours if they were created at your request and expense.

Individuals being hired into research and development or other technical areas sign the agreements to assign to the company, in advance, any ideas, work products, or inventions related to the company business.

Simply put, the company owns the intellectual property, not the employee(s).

Such transfers may occur on their own or as parts of larger asset sales or purchases.

Intellectual property assignment agreements both provide records of ownership and transfer and protect the rights of all parties.


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