Here are 18+ Free Intellectual Property Sale Agreement Templates to help you prepare your own agreement easily. You can also review our collection of Partnership Agreement Templates.
When a client hires a company to develop a technology, content or any other virtual product. Especially when it is not possible to have physical existence. It is very important to transfer the ownership and rights of the intellectual property to the new owner. An agreement is signed between the developer company and the client at the time of transferring the rights and ownership. In order to authenticate the process and that agreement is known as the intellectual property sale agreement.
Brief Description of Intellectual Property Sale Agreement:
IP or intellectual property can refer to anything that has no actual existence. Only virtually present around us including the software programs, music content, written content and technologies that anyone can claim to have the ownership of. This is why when a client approaches the IT services provider for intellectual property development. The rights and ownership of the software remains with the developing company until the client pays the compensation. They both sign the agreement that includes the transfer of the right and ownership of the intellectual property to the new owner or the actual client. This is a very complicated process as if there are no legal rights claimed by the owner or the developer of the intellectual property, it can be used in many illegal ways.
For example, a company develops a technology and hand it over to the client without any agreement. In this situation, it is possible that the client claims that he hasn’t receive the technology or the developer claims that the client is illegally using and distributing the technology without the ownership and rights on it. in order to make sure that no such situations and conflicts rise in the future, at the time of transferring the intellectual property to the new owner or buyer, the seller signs this IP sale agreement with the new buyer and this agreement indicates that the seller has sold all the rights and the ownership of the intellectual property to the new owner and he is the one that has all the rights to use, distribute, resell and reproduce the technology or any other intellectual property in any way he wants.
Key Elements to add in the Intellectual Property Sale Agreement:
- Name of the original owner/company/seller
- Name of the new owner/client/buyer
- Type of intellectual property selling
- Details and specifications of the intellectual property
- Original ownership description of the intellectual property
- Reasons of selling the intellectual property to the new owner
- Rates and payment schedule for the seller by the buyer
- Terms and conditions of the agreement
- Mutually agreed clauses of the agreement
- Obligations of the seller with the transfer of the ownership
- Rights and obligations for the new owner
- Termination of the agreement
- Results of violation of the agreement
- Signature of both parties
Free Intellectual Property Sale Agreement Templates
Download all these Free Intellectual Property Sale Agreement Templates that can easily help you to prepare your own Intellectual Property Sale Agreement effectively.