About this intellectual property sale agreement
This is a heavyweight agreement for sale of rights to an invention or technological innovation. You may be an individual or represent a company. Your work may be applicable in one industry or many. It could be anything. You want to sell all rights to a major manufacturer. Sale limited to a particular market or industry. You probably intend to sell rights for use in other industries or to manufacture it for your own use in your industry. We have named the subject of this product “Freewheeler”. You can rename it or give it an abstract legal name like “Licensed Product”.
Examples of use:
Example 1: Library of legal documents
Example 2: System for simple closure of paint cans
Example 3: Soft refinement of bicycle computer to calculate calories burned
Example 4: New type of domestic door catch
This agreement covers whatever intellectual property rights you decide to sell. The description and specification is up you to agree with the buyer. It provides for a single and final payment. Once sold, the buyer can do what he likes with your invention or computer game, subject to the restrictions of the sale.
When you sell, you are parting with certain rights for ever. But that does not means that you cannot retain some or most of the total “basket” of rights. We assume that this sale will be of rights in a particular industry sector or field. That leaves you with many opportunities to sell other rights in different sectors or countries.
This agreement provides the complete legal framework for what may appear to be a complicated deal. The Net Lawman modular structure in plain English takes you smoothly through the detail of a document of nearly 5,000 words.
Key features
- Professionally drawn, tough law
- Easy to edit (as always with Net Lawman documents)
- Thorough coverage of legal areas
- Practical, alternative business provisions
- No requirement for you to be your own lawyer
Alternatives to this sale of intellectual property agreement
Net Lawman offers around 20 licence agreements and assignments relating to intellectual property in addition to those in website terms and conditions.
You can find the full selection at:
- Basic contracts for creative work
- High level IP licence and sale agreements
- Merchandising agreements
- Assignment, sale and transfer
- IP licences by creator or owner
- Software and other development contracts
Contents of this intellectual property sale agreement
Here is a list of the major subjects covered:
- Definitions and interpretation
- Warranties and understandings
- The assignment of Freewheeler
- Licence of patents and trade marks
- New intellectual [property
- Third party infringement
- Continuing research, improvement and product updates
- Confidentiality
- Disclaimer
- Other matters relating to enforcement and other legal issues
This document was written by a solicitor for Net Lawman. It complies with current South Africa law.
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