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Assignment of Interest in Patent - One Co-Owner to Another

Bahman Eslamboly

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Inventors usually file a patent application to protect their rights in an invention. In some instances, more than one person is considered the inventor and both parties co-own the patent. This Assignment of Interest in Patent is for use by one co-owner to transfer his interests to the other co-owner. This assignment sets out the specific terms of the assignment including a brief description of the patented invention and the consideration one co-owner will pay to the other for full ownership of the patent. It is extremely important that this business transaction be set out in writing and recorded if necessary. A written Assignment of Interest in Patent will prove invaluable in the event of misunderstandings or disagreements about the patent’s ownership.

This Assignment of Interest in Patent between Co-Owners contains the following provisions:
  • Parties: Sets out the identities and business addresses of the co-owners;
  • Patent: A brief description of the invention and its patent number;
  • Assignment: Assignor assigns his one-half interest in the patent to the assignee;
  • Payment: The amount paid by assignee for full ownership of the patent and how payment will be made;
  • Signatures: Both assignor and assignee must sign the agreement in the presence of witnesses.

Protect your rights and your property by using our professionally-prepared up-to-date forms.

This attorney-prepared packet contains:
  1. General Instructions
  2. Assignment of Interest in Patent (Co-Owners)
State Law Compliance: This form complies with the laws of all states

Assignment of Interest in Patent - One Co-Owner to Another

Product Details

Product Assignment of Interest in Patent - One Co-Owner to Another
Country United States
Pages 5
Dimensions Designed for Letter Size (8.5" x 11")
Printer compatibility Designed to print on all ink-jet and laser printers
Editable Yes (.doc, .wpd and .rtf)
Format Microsoft Word
Adobe PDF
WordPerfect
Rich Text Format
Platform Windows Compatible
Mac Compatible
Linux Compatible
Availability In Stock. Instant Download
Usage Unlimited number of prints
Category Patent License, Assignments & Agreements
Product number #28648
Download time Less than 1 minute (approx.)
Document Access Via secret online address
Email with download links
Email with attachment upon request
Refund Policy 60 days, no-questions asked, 100% money back guarantee

Frequently Asked Questions

An Assignment of Interest in Patent is a legal document that facilitates the transfer of ownership rights in a patent from one co-owner to another. It outlines the terms of the transfer, including payment and the identities of the parties involved.

Having a written assignment is crucial as it provides clear evidence of the ownership transfer. In case of disputes or misunderstandings, this document serves as a legal record of the agreement.

Yes, both the assignor and assignee must sign the assignment in the presence of witnesses. This ensures the validity of the document and helps prevent future legal challenges.

Yes, this Assignment of Interest in Patent complies with the laws of all states, making it a versatile option for co-owners across the United States.

If the payment terms outlined in the assignment are not followed, the assignor may have legal grounds to pursue a breach of contract claim. It is essential for both parties to adhere to the agreed-upon terms to avoid potential legal issues.

Is This Form Right For You?

Use This Form If:

  • Individuals who co-own a patent may need this form to formalize the transfer of interest from one co-owner to another. This ensures that the transaction is documented and legally binding, reducing the risk of future disputes regarding ownership.
  • Situations requiring the sale of a co-owner's interest in a patent can benefit from this assignment form. By clearly outlining the payment terms and the specific interests being transferred, both parties can have peace of mind about the transaction.
  • For those involved in a partnership where one inventor wishes to buy out the other’s share of a patent, this form provides a structured way to execute the transfer. It helps clarify the terms of the agreement and protects both parties' rights.
  • Businesses looking to streamline their intellectual property management may use this form to consolidate patent ownership. This can simplify licensing agreements and enhance the overall value of their patent portfolio.
  • In cases where a co-owner has decided to exit the partnership, this assignment form is essential for transferring their rights. It ensures that the remaining co-owner has full control over the patent and can continue to exploit its commercial potential.

Do Not Use If:

  • – This form is not appropriate when there are multiple co-owners and not all parties agree to the transfer. In such cases, a more comprehensive agreement may be necessary to address all co-owners' rights and obligations.
  • – If the patent is subject to any legal disputes or encumbrances, this assignment should not be used until those issues are resolved. Transferring ownership under such conditions could complicate the legal standing of the patent.
  • – For individuals looking to assign only a partial interest in the patent, this form may not be suitable. A different agreement that specifies the nature of the partial interest and the rights retained may be required.
  • – In situations where the assignor is not the rightful owner of the patent, this form should not be utilized. It is essential to ensure that the assignor has the legal authority to transfer ownership before proceeding with the assignment.

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