Patent Assignments: Everything You Need to Know
Are you an inventor or a savvy business owner with a new idea? Then you’re in the right place! You’re probably wondering how to protect your intellectual property, and a patent is a great way to do just that. But, did you know that simply getting a patent isn’t always the best option for all inventors? Enter the patent assignment – a legal written agreement that transfers ownership of your patent to another party. Don’t worry if you’re new to the concept, we’ve got you covered.
What is a patent assignment?
A patent assignment is a legal document that transfers ownership of a patent from one person (or business) to another. This can be done for a variety of reasons. For example, maybe you decide to sell your patent. Or, you may want to transfer the ownership to a business partner or collaborator. A patent can also be assigned as collateral for a loan. In any case, the assignment must be in writing and signed by both parties in order to be legally binding.
There are a few key things to keep in mind when it comes to patent assignments. First, it is important to note that patents can be assigned in whole or in part. This means that you can assign your entire patent to another individual/company, or you can assign just a portion of the patent rights, such as the right to manufacture or sell the invention.
When can I execute a patent assignment?
Another important consideration is the timing of the assignment. Patent assignments can be made at any time after a patent is granted, but it is typically best to do so as early as possible to ensure that the assignment is legally valid and enforceable. In addition, if you plan to assign your patent to someone else, it is important to make sure that the assignment is in compliance with any contractual obligations you may have, such as agreements with investors or business partners.
Why would a patent assignment be valuable to me?
Patent assignments can be a great way to monetize your invention. By assigning your patent rights to another party, you can receive a lump sum payment or ongoing royalties in exchange for the use of your invention. This can be especially beneficial for inventors or small business owners who may not have the resources to fully commercialize their invention on their own. Additionally, assigning your patent rights can allow you to focus on other aspects of your business, such as research and development, without worrying about the day-to-day operations of manufacturing and sales.
How do I find information on patent assignments?
The USPTO has a patent assignment search tool that contains assignment information on all patents issued after 1980. And yes, it’s public and free to use!
Simply visit the link above and select whether you want to search for a patent assignment or a trademark assignment. You can switch between the two search tools at the top of the page.
There’s options for a quick lookup, basic search, and advanced search depending on what parameters you want to search by. You will need to enter one or more search criteria, which can include the patent number, the assignee name, the assignor name, or the publication number. You can also specify the date range for your search to limit the results.
Once you have entered your search criteria, click on the “Submit” button, and the search results will be displayed. Here’s an example of a result from the basic search option.
The search results will include a list of patent assignments that match your search criteria, along with the assignee name, the assignor name, the recorded date of the assignment, and the reel and frame number for the assignment document. You can click on the hyperlinked patent number to view the patent details, including the application and grant information, as well as any related documents, such as assignments or maintenance fees.
I want to learn more about assigning my patent.
If you are considering a patent assignment, it is essential to work with an experienced attorney. A patent attorney can help you understand your legal rights and obligations, and can guide you through the assignment process to ensure that your interests are fully protected.
At Bold Patents Law Firm, we have extensive experience in patent assignments and other aspects of intellectual property law. Our team of skilled attorneys can help you navigate the complex legal landscape of patent assignments, from drafting the assignment agreement to ensuring that it is legally valid and enforceable.
In addition to patent assignments, we also offer a wide range of other related services, including patent searches, patent applications, and trademark services. Whether you are an inventor, a business owner, or a patent holder, we are here to help you protect your intellectual property and achieve your business goals.
If you’re ready to take action, schedule a free screening call with our advisors. We want to help you realize your visionary dreams! Go Big, Go Bold!