Invention Assignment Agreement Template

An invention assignment agreement is a legal document that transfers ownership of an invention from the inventor to another party, typically an employer or a company. This type of agreement is essential for businesses to protect their intellectual property and to ensure that they have the exclusive right to commercialize and profit from inventions created by their employees.

There are a few different types of invention assignment agreements. The most common type is the employee invention assignment agreement. This type of agreement is used when an employee creates an invention as part of their job duties. Another type of invention assignment agreement is the independent contractor invention assignment agreement. This type of agreement is used when an independent contractor creates an invention for a company.

Invention assignment agreements are typically drafted by attorneys. However, there are a number of online templates available that can be used to create a basic agreement.

Key Components of an Invention Assignment Agreement

An invention assignment agreement should include the following key components:

Identification of the parties: The agreement should clearly identify the inventor and the assignee (the party receiving ownership of the invention).

Definition of the invention: The agreement should provide a detailed definition of the invention, including any drawings, specifications, or other documentation.

Assignment of ownership: The agreement should clearly state that the inventor is assigning ownership of the invention to the assignee.

Consideration: The agreement should specify the consideration that the assignee is providing to the inventor in exchange for the invention. This could be a lump sum payment, a royalty, or other type of compensation.

Warranties and representations: The agreement should contain warranties and representations from the inventor, such as a warranty that the inventor is the sole owner of the invention and that the invention is not infringing on any third-party rights.

Survival clause: The agreement should include a survival clause that states that certain provisions of the agreement, such as the warranties and representations, will survive the termination of the agreement.

Designing a Professional and Trustworthy Invention Assignment Agreement Template

When designing an invention assignment agreement template, it is important to use design elements that convey professionalism and trust. Here are a few tips:

Use a clean and modern layout.

Choose a professional font.

Use white space effectively.

Use high-quality images.

Proofread carefully.

Additional Tips for Creating an Effective Invention Assignment Agreement Template

Make sure the agreement is clear and concise. Avoid using legal jargon that may be difficult for the inventor to understand.

Get the agreement reviewed by an attorney. An attorney can help ensure that the agreement is legally sound and protects the interests of both the inventor and the assignee.

Keep a copy of the agreement for your records.