If you possess a patent or a patent application, you might be considering selling or transferring your patent rights to another party. Please continue reading and reach out to Lemler IP to learn more about the potential benefits of transferring or selling your patent, as well as how the process generally works. Here are some of the questions you may have:
If you possess a U.S. patent, it means you have the exclusive right to prevent others from making, using, selling in the U.S., or importing into the U.S. your invention/process for a limited period of time (in most cases, 20 years). That said, patent rights are considered personal property, which means that you can sell or otherwise transfer them to others if you so choose. Once you transfer or sell your patent rights, however, you also relinquish the benefits (and responsibilities) they entail.
People consider selling or transferring their patent rights for a variety of reasons. Whether doing so is the right choice for you depends largely on your specific circumstances. For example, if you want to make money from your invention without having to deal with the costs and risks of manufacturing, marketing, and licensing it, selling your patent rights may be the best way to do so. In other cases, such as if you no longer have the interest or resources to maintain your patent, it may be best to simply sell or transfer it. Conversely, if you’re looking to collaborate with another person or company, you may wish to transfer, license, or sell patent rights to that entity.
To sell, license, or transfer your patent rights, you need to execute a written agreement with the buyer, licensee, or transferee. This agreement is called an assignment, and it should clearly state the terms and conditions of the transaction, including the following:
You should also record the assignment with the USPTO within three months of its date or before any subsequent sale or mortgage of the patent rights. This will ensure that your assignment is valid and enforceable against third parties.
Selling, licensing, or transferring your patent rights is an important decision that can have significant legal and financial implications. Therefore, you should always consult with an experienced intellectual property attorney who can help you evaluate the value of your patent rights, negotiate assignment terms on your behalf, draft the assignment agreement, record the assignment with the USPTO, and protect your interests at every turn.
If you are looking for qualified and reliable legal guidance, contact a New Orleans patent lawyer today. Lemler IP has the expertise and experience to help you sell, license, or transfer your patent rights in a smooth and secure manner.
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