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Because of that, evaluate proposed terms and provisions carefully before moving forward.Here's a high-level overview of how patent assignments work: when a patent's owner or applicant assigns it to another individual or company, the assignor agrees to relinquish their rights to enforce or benefit from it in the future.
Here are the requirements for a valid written assignment: Though the agreement is a legal document, it does not need to be notarized.
However, obtaining notarization for the signatures provides added protection, limiting the risk of a party later claiming a signature was not valid.
As with any property right, multiple owners make for multiple legal scenarios.
For example, co-owners have to join together to bring a patent Infringementlicensing: a co-owner can license its patent rights to a third party, independent of the other co-owner(s), unless they have an agreement otherwise.
And what about when you have more debts than assets?
Get the skinny on how the courts settle your debt when you die.You can assign rights for applications still pending with the United States Patent and Trademark Office (USPTO).When the USPTO approves the application, the assignee benefits from and may use and enforce the patent, not the assignor.A patent assignment agreement documents the transfer and arrangement between the parties.If you are considering entering into one, know that you need it to be written—a verbal agreement alone is insufficient.Well-executed ownership assignments are legally binding, but what does “well-executed” mean?Patent ownership assignments have several formal requirements to be considered valid.Co-owners can independently sell, mortgage, transfer, and will their rights to a patent.To avoid these kinds of issues, most attorneys recommend that a single entity be the patent owner.Learn about the various types of exemptions, which ones you can use, and how they can benefit you in either a Chapter 7 or Chapter 13 bankruptcy.You've done all the research and made sure your assets will be distributed to your heirs, but what happens to your credit card debt?