Assignment of Patents (India) by OLL
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ASSIGNMENT OF PATENTS
S/o Sh. _______________________, R/o ___________________________________________________ (hereinafter named "the assignor") which expression shall include his successors, executors and administrators of the one part S/o Sh. _________________________, R/o ______________________________________________________ (hereinafter named "the assignee") which expression shall include his successors, executors and administrators of the other part. |
This template is a deed of assignment for transferring ownership of patents within the Indian jurisdiction. It outlines the transfer of all rights, titles, and interests from an inventor to an assignee in exchange for a specified financial consideration. It also includes provisions for the assignor to disclose any future improvements made to the invention to the assignee.
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About this template
What is this template?
A deed for the absolute transfer of a patent registered at a Patent Office in India. It contains a specific covenant requiring the inventor to disclose and assist with future improvements to the manufacturing process.
When should you use it?
Use this when a registered patent owner is selling their entire interest for a one-time payment. Use an Intellectual Property License Agreement instead if the owner wants to retain title while allowing another party to use the invention.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Assignment of Rights | Transfers all benefits, rights, privileges, and advantages of the registered patent from the assignor to the assignee permanently. |
| 2 | Consideration | Confirms the assignee has paid the sum of Rs._________ as the total price for the transfer. |
| 3 | Warranty of Title | The assignor guarantees they are the sole owner and have not previously assigned or dealt with the patent rights. |
| 4 | Future Improvements | Obliges the assignor to disclose any improvements made to the invention while the patent is in force to the assignee. |
Who it's for
- an individual inventor in India transferring a registered Ayurvedic medicine process patent
- a patentee receiving a lump sum payment in Rupees for total divestment of patent rights
How long it runs and how it's signed
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