A patent assignment agreement is a legal document created by the US Congress by which the US Patent and Trademark Office initiates the process of transferring the patent rights from one individual or company to another. A patent is regarded to be a property in the US that can be owned, transferred or sol to someone else. An assignment agreement mentions the name of the inventor, the person or organisation to whom the patent will be assigned, identified as the assignee, a patent number and another important point to be mentioned is the geographical scope of the rights, that is, in what states or region of the country is the patent assignment applicable.
By signing this agreement, the assignee has the power to stop any other person or company to use, make or sell anything related to the IP or intellectual property mentioned in the patent. If someone wants to use the IP, they must sign an agreement with the assignee and give him financial returns.
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Sample Patent Assignment Agreement
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