Most people are under the impression that a patent is merely proof that you own an invention (which is true since it prevents others from making, using, or selling it). However, a major factor that many miss is that a Patent Right can be bought, sold, or transferred, similar to other assets. This transfer is called a “Patent Assignment,” and it is a significant part of dealing with new ideas, inventions, or even whole companies. To learn more about Patent Assignments, please continue reading and contact a knowledgeable Orange County, California Patent Lawyer.
What Does It Mean to Assign a Patent?
A Patent Assignment is basically the legal handover of the exclusive rights that come with a patent, shifting them from one party or entity to another. Simply put, the inventor, or whoever possesses ownership rights now, relinquishes their rights to a new individual or business. After that happens, the new owner will receive complete control over the patent, including the power to stop anyone else from making, selling, importing, licensing, or using the invention.
This type of switch can happen for various reasons. In some cases, an employee invents something on the job, and their work contract means the company automatically owns any creations rendered during that time. Alternatively, inventors simply decide it is the right to sign their rights away, potentially to generate capital, introduce their product to the marketplace, or partner with an organization capable of greater development investment.
Whatever the case may be, once the paperwork is done, the original inventor no longer holds the ownership rights. It should be noted that they will still receive credit as the creator of the invention, but legally, the patent now belongs to another party.
What is Required for a Patent Assignment?
A patent assignment is the official written transfer of patent rights, and the individual giving up their rights has to sign it. This paperwork must clearly name the Patent, the people involved, and exactly what rights are being changed.
While it isn’t required, it is advisable to record the Assignment with the United States Patent and Trademark Office (USPTO). Skipping this step can cause big headaches down the road, especially if people fight over who owns the patent.
Keep in mind that you can actually sign an Assignment any time, either before or after the patent is officially achieved. For instance, inventors can hand over their rights while the application is still waiting for approval, usually because they are working with investors or companies who are paying for the process in return for ownership once the patent is granted.
For more information, please don’t hesitate to contact an attorney at Burns Patent Law.
