Agreement To Sell Patent

What is a Patent?

A patent is an exclusive privilege given to the author by the State to prohibit anyone from utilizing, creating, and selling an invention for a specified duration of time. It applies to a monopoly right on an invention. However, not all inventions are patentable, and nor is it essential that inventions be protected solely by patent. Other forms of intellectual property rights can protect the final product which results from an invention.

Forms of transfer of patent rights

The patentee is authorized to assign, grant license/s or otherwise deal with the patent for consideration. The transfer of patent is generally in the following form:

  1. Assignment: A patent holder can assign the whole or any part of the patent rights to the whole of India or any part thereof. The assignment is in essence a transfer of ownership even if it is partial. Section 68 of the patents act 1970 provides for the assignment: (i) of patents; or (ii)of share in the patent.
  2. License: A patentee can transfer a right by way of a license agreement permitting a licensee to make, use or exercise the invention. The license in the patents is granted to work the patented inventions to the fullest extent in the interest of the public. The license to work the patented invention may be granted in the favour of another person voluntarily by the patentee himself.
  3. Transmission of a patent by operation of law.: When a patentee dies, his interest in the patent passes to his legal representative. A patent also can be acquired by the government under the Act when reasonable requirements of the public have not been met.

 

AGREEMENT TO SELL PATENT RIGHTS

 

 

THIS AGREEMENT made on this _______ day of __________between Sh.______________ S/o Sh._________ r/o ________________________ hereinafter referred to as “the patentee” (which expression shall unless contrary to the context or meaning thereof including his successors, executors, administrators, legal representatives and assigns) of the one part.

 

AND

 

Sh. _________________S/o Sh._________ r/o _______________ hereinafter referred to as “the assignee” (which expression shall unless contrary to the context or meaning thereof including his successors, executors, administrators, legal representatives and assigns) of the other part.

 

The patentee and the assignee hereinafter collectively referred to as the “Parties”.

 

WHEREAS

 

  1. The patentee being inventor of _________ and holding patent rights (more specifically stated in schedule I hereto) in exclusively manufacturing/marketing of products of several descriptions/sizes in using the patented process.

 

  1. The assignee has approached the patentee in buying all rights/interests of the patentee relating to the said patent rights. The patentee has consented to vend those rights to the assignee on terms/conditions hereinafter appearing.

 

NOW IT IS HEREBY CONSENTS AS FOLLOWS:

 

Agreement to Assign

 

That in consideration of a sum of Rs.__________ (the patentee hereby acknowledges its receipt) to payable by the assignee to patentee and a further payment of Rs._______, the inventor shall vend to an assignee all his rights/interests with concerning the said patent rights.

 

Deed of Assignment

 

The patentee shall be executing an assignment deed and do all things as may be compulsory in vest owing said patent rights in the assignee.

 

Patentee’s Agreement

 

The patentee hereby agrees that, per assignment of patent rights to the assignee, he shall correspond all progress made by him in said invention to the assignee and shall help assignee for doing all acts, deeds/things compulsory for procuring a patent for such progress which shall be bestowed in the assignee on the same term/conditions as if such progress had formed potion of original invention.

 

Assignee’s Agreement

 

The assignee hereby agrees that, per assignment of patent rights to him, he shall not doing anything effecting of resulting cancellation of said patent rights and shall, in the eventuality of such revocation, pay to patentee as liquidated compensation, the sum of Rs. _________, respectively.

 

IN WITNESS WHEREOF, the parties hereto have signed this Agreement on the day and year first here-in-above written.

 

(the schedule I hereinafter referred to)

 

The Patentee

 

The Assignee

 

Witness:

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