Business

Transferring Intellectual Property Rights

BUSINESS OBJECTIVES ACHIEVED

Forbes Solicitors intellectual property team provide expert legal advice on the transfer of intellectual property rights. Transferring intellectual property rights involves a complex legal process that requires significant expertise and understanding. Our team of solicitors has extensive experience and knowledge in intellectual property law and can help you to transfer your intellectual property rights efficiently and legally. We work with a wide range of clients, from individuals to large corporations, to ensure that when selling intellectual property rights that it is transferred properly and protected.

What is Transferring Intellectual Property Rights

Transferring intellectual property rights is the process of transferring (otherwise known as assigning) ownership of a creative work, such as a trademark, patent, copyright, or design, from one party to another. It is a legal process which often involves an agreement that is signed and in writing by the transferring party, payment of charges and filing fees, and possibly other steps.

You can exploit your intellectual property rights in numerous ways. For example, you can:

Use your intellectual property rights in your business, such as using a registered trade mark on the packaging for the products that you sell (which may also be covered by a registered design);
Transfer your intellectual property rights to a third party. A transfer of intellectual property rights is commonly known as an assignment and our intellectual property solicitors frequently prepare intellectual property assignment agreements for businesses;
Licence the intellectual property for use by a third party. This is common within distribution and agency agreements, whereby distributors and agents are afforded a licence within a specified territory to market and sell products under your intellectual property rights; and
Consider franchising. Franchising is a useful way of expanding your business into new territories (whether on a national or international level) without needing to personally purchase office space and recruiting staff. All franchised businesses must be founded upon strong intellectual property rights (such as registered trade marks over your brand and trading name).

Assignment of Intellectual Property Rights

You can assign your intellectual property to someone else, allowing you to receive payment for the intellectual property you have spent time and money developing. The buyer is then free to exploit the intellectual property that they have bought in whatever way they choose.

Valuing your intellectual property rights can be sometimes difficult to determine however a few ways to value it are as follows:

How much other parties may be willing to pay for comparable assets;
What levels of future earnings could be expecting from the asset; and
What costs you may incur if constructing or acquiring a new asset.

Usually, an outright intellectual property sale price is fixed however sometimes the intellectual property assignment agreement may contain a clause that triggers bonus payments depending on future sales and success of the buyer. You could even specify in the sale agreement that the intellectual property rights are only being sold in relation to a specific geographic territory so you may for example, assign the right to exploit your international trade mark designation in Canada but retain the right to exploit the international trade mark designations in the rest of the world.

To successfully assign your intellectual property rights, it is strongly recommended that you have in place a written and signed intellectual property assignment agreement which appropriately deals with the following (in addition to other matters):

The intellectual property rights that you are assigning;
The territory in which the intellectual property rights are being assigned;
The consideration (or price) being paid for the assignment; and
Warranties and indemnities regarding validity and non-infringement of third-party rights (this is a matter for negotiation on a case-by-case basis).

Why choose our solicitors to help with transferring intellectual property rights?

Forbes Solicitors IP lawyers have extensive experience in transferring intellectual property rights and can provide expert advice and guidance throughout the process. We understand the importance of protecting your intellectual property and will work diligently to ensure that your rights are transferred smoothly and efficiently. Our team is dedicated to providing personalised service and will work closely with you to achieve your goals. Choose us for reliable and effective assistance with transferring your intellectual property rights.

Who do our solicitors help with transferring intellectual property rights?

Our team of solicitors help individuals and businesses with transferring intellectual property rights, including patents, trademarks, and copyrights, to other parties through licensing agreements, assignments, and other legal mechanisms.How can our solicitors help with transferring intellectual property rights?Here at Forbes Solicitors, we can assist with transferring intellectual property rights by providing legal advice on the transfer process, drafting and reviewing transfer agreements, conducting due diligence to ensure the transfer is valid and enforceable, and registering the transfer with the relevant authorities. We can also assist with negotiating the terms of the transfer and resolving any disputes that may arise. Our goal is to ensure a smooth and efficient transfer of intellectual property rights while protecting our clients' interests.

Our team at Forbes Solicitors possesses extensive expertise in providing legal aid and assistance to clients dealing with cases related to Transferring Intellectual Property Rights. We work on cases nationwide so contact us today to connect with our team.

Contact Us

Get in touch to see how our experts could help you.

0800 689 0831

Request a call back

Send us an email

Make an Enquiry

Contacting Us

Monday to Friday:
09:00 to 17:00

Saturday and Sunday:
Closed

FAQs

How can I assign my registered trade mark?

To assign a registered trademark the owner must transfer ownership to another party through a written agreement. The agreement should include details of the trademark, the parties involved, and the terms of the transfer. The transfer must be recorded with the UK Intellectual Property Office to ensure legal protection. It is recommended to seek legal advice to ensure the transfer is done correctly.

What about buying intellectual property rights that now belongs to the Crown?

Intellectual property rights that were owned to a company that has been dissolved then belong to the Crown. The Bona Vacantia division ("BVD") deals with the such intellectual property rights. They can sell bona vacantia intellectual property rights for their open market value. BVD will not transfer bona vacantia intellectual property rights to you for less than the minimum consideration and they will not transfer intellectual property rights with any title guarantee or provide any representations or warranties in connection with it. This means that when BVD sell rights they do not give any guarantee or assurance that the Crown has the legal right to sell them or provide any assurance about past disputes or other matters that might be relevant to a purchaser. BVD will always make their own independent assessment of the correct manner of disposal and who to sell it to.

Could I share my intellectual property rights?

Yes, you can share your intellectual property rights through licensing or assignment agreements. Licensing allows others to use your intellectual property while you retain ownership, while assignment involves transferring ownership to another party. These agreements must be legally binding and should outline the terms and conditions of use, compensation, and any restrictions or limitations. UK law recognizes and protects intellectual property rights, including patents, trademarks, copyrights, and trade secrets.

What is the difference between an assignment and licence in Copyright?

An assignment of copyright is like the sale of personal property. When you sell your rights to a third party, you can no longer exercise control over how the third party uses those rights.

A licence is an agreement where you maintain ownership of the rights involved but allow a third party to exercise some or all of those rights without fear of a copyright infringement suit.

If you wish to maintain some ownership over your copyright, or control over how the third party uses your rights, you may wish to opt for licensing instead of copyright assignment.

Can intellectual property rights be inherited?

Yes, intellectual property rights can be inherited under UK law. When a person who owns intellectual property rights passes away, those rights can be passed on to their heirs or beneficiaries through their will or through the laws of intestacy. The heirs or beneficiaries then become the new owners of the intellectual property rights.

What are the different types of intellectual property?

The different types of intellectual property are patents, trademarks, designs, copyright, and trade secrets. Patents protect inventions, trademarks protect brands and logos, designs protect the appearance of products, copyright protects creative works, and trade secrets protect confidential information.

How do I transfer intellectual property rights?

Intellectual property rights can be transferred through a written agreement, such as a contract or assignment. The agreement should clearly state the details of the transfer, including the specific intellectual property rights being transferred, the parties involved, and any conditions or limitations. The transfer must also be recorded with the relevant intellectual property office, such as the UK Intellectual Property Office, to ensure legal validity.

What is the difference between assigning and licensing intellectual property?

Assigning intellectual property means transferring ownership of the IP to another party, while licensing intellectual property means granting permission to use the IP to another party while retaining ownership. assigning IP requires a written agreement and transfer of ownership, while licensing requires a licence agreement outlining the terms of use and compensation.

What should be included in an intellectual property transfer agreement?

An intellectual property transfer agreement should include a clear description of the intellectual property being transferred, the rights and obligations of both parties, any warranties or representations made by the transferring party, and provisions for payment and dispute resolution. It should also comply with UK law, including the requirements for a valid contract and any relevant intellectual property laws.

Can I transfer intellectual property rights internationally?

Yes, intellectual property rights can be transferred internationally. However, the transfer must comply with the laws of both the country where the rights are being transferred from and the country where they are being transferred to. It is important to seek legal advice to ensure that the transfer is valid and enforceable in both countries.

What are the risks associated with transferring intellectual property rights?

The risks associated with transferring intellectual property rights include the possibility of infringement claims, loss of control over the use and exploitation of the intellectual property, and potential disputes over ownership or validity of the transferred rights. It is important to ensure that the transfer is properly documented and that all necessary consents and approvals have been obtained to mitigate these risks. Under UK law, the transfer of intellectual property rights must be done in writing and signed by both parties to be legally binding.

What happens if there is a dispute over the transfer of intellectual property rights?

If there is a dispute over the transfer of intellectual property rights, it can be resolved through litigation courts. The court will consider the terms of the agreement and any evidence presented by both parties before making a decision on the ownership of the intellectual property rights. It is important to have a clear and comprehensive agreement in place to avoid disputes.

How do I protect my intellectual property rights after transferring them?

After transferring your intellectual property rights, you can protect them by ensuring that the transfer agreement is properly documented and registered with the relevant authorities. You can also monitor the use of your intellectual property and take legal action against any infringement. It is important to seek legal advice to ensure that your rights are protected and enforced in accordance with UK law.