Deed of Assignment of Patent (India) by OLL
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Deed of Assignment of Patent
THIS DEED OF ASSIGNMENT is made at _____________ on this ____________day of ______________between Mr___________________, Mr________________ and Mr_____________ carrying on business in partnership in the name of M/s_____________________ Hereinafter referred to as 'the Assignors' of the One Part and M/s___________, a Company registered under the Companies Act, 1956, and having its registered office at ________________Hereinafter referred to as the `Assignee' of the Other Part;
WHEREAS
1. The Assignors own a patent in the manufacture of an article known in the market _____________and the said patent is duly registered under the Patents Act 1970 and which is broadly described in the Schedule hereunder written.
2. The Assignors have promoted a company being the Assignee herein and have agreed to transfer their partnership business including the right to the said Patent to the Assignee in consideration of and in the manner provided in a separate agreement between the Assignors.
3. The Assignee has now requested the Assignor to assign the said Patent and all rights appurtenant thereto to the Assignee which the Assignors have agreed to do.
NOW THIS DEED WITNESSETH that pursuant to the said Agreement and in consideration of a sum of Rs__________ paid to the Assignors partly in cash and partly in the form of the shares of the Assignee of the face value of the amount of Rs___________ before the execution of these presents (receipt whereof the Assignors hereby admit) they the Assignors as beneficial owners of the said patent broadly described in the Schedule hereunder written, hereby assign to the Assignee the said patent which has been granted to the Assignors by the Government of India under the Patents Act, 1970, together with the Assignors' full right of action, powers and benefits arising, accruing or belonging to the Assignors in connection with the said patent:
TO HOLD the same unto the Assignee absolutely and the Assignors do and each of them doth hereby covenant with the Assignee that:
a. The Assignors have full right and absolute authority to assign the said patent in the manner aforesaid.
b. The patent is free and clear from all encumbrances and claims and the Assignors shall keep the Assignee indemnified against any such claim.
c. The Assignee shall be entitled to hold and use the said patent exclusively so long as the patent exists and earn and enjoy the profits or income there from; peaceably and without any objection or interruption on the part of the Assignors or persons claiming under them.
d. The Assignors will execute any further deed as may be required for further and more perfectly assuring the said patent unto the Assignee.
IN WITNESS WHEREOF the Assignors have put their hands the day and year first hereinabove written.
The Schedule above referred
Signed and delivered by
The within named Assignors
(1) _______________
(2)_______________and
(3) ________________ being
The partners of M/s________________
In presence of __________
This document is a formal deed used to legally transfer the ownership of a patent from one party (the assignors) to another (the assignee). It outlines the transfer of all rights, benefits, and powers associated with the patent, ensuring the new owner has exclusive authority and protection against future claims.
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About this template
What is this template?
This document is a formal deed for the permanent transfer of patent rights in India. It contains specific warranties regarding the patent being free from encumbrances and includes a schedule to describe the patented article. It is not a licensing agreement, as it transfers absolute ownership rather than granting a temporary right to use.
When should you use it?
Use this document when a partnership is transferring its business and intellectual property to a corporate entity and needs to comply with the Patents Act 1970. If you only want to grant someone permission to use the patent while retaining ownership, use a Patent License Agreement instead.
What's inside
| Clause | Name | What it does |
|---|---|---|
| NOW THIS DEED WITNESSETH | Assignment and Consideration | Assignors transfer the patent to the Assignee for a sum paid partly in cash and partly in shares of the face value of Rs [amount]. |
| a | Authority to Assign | Assignors warrant they have full right and absolute authority to assign the patent to the Assignee. |
| b | Freedom from Encumbrances | The patent is warranted free from all encumbrances and claims, with an indemnity provided by the Assignors. |
| c | Exclusive Use and Enjoyment | Assignee is granted the right to hold and use the patent exclusively for its remaining life and enjoy all income. |
| d | Further Assurance | Assignors agree to execute any further deeds required to perfectly assure the patent's ownership to the Assignee. |
Who it's for
- partners in an Indian business transferring intellectual property to a newly promoted company
- an Indian company acquiring a registered patent from individual inventors or a partnership
- parties formalising a patent transfer as part of a partnership business sale
How long it runs and how it's signed
Law it's drafted under
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