In order to understand what is Patent Assignement, we first need to know what is patent. A Patent is a legal right which is given to an inventor by the government , for the invention. A Legal document is granted by the government to the inventor on Patent Registration. The Document comprises all the rights and priviledges of inventor. The right permits the inventor to exclude others from making use or sell their invention for some time. The goal of patent is to motivate and encourage inventor to advance the state of technology by awarding them special rights to benefits from their inventions. Patent law is a smaller term which comes from a wider term “Intellectual Property”.
Patent Assignment – It is a term used when a patent owner transfers his patent rights or a part of it, to another entity.
Hence, Patent Assigment Deed is an agreement between the assignor and assignee which explains all the conditions and rights related to patent assigned property. Under Indian law, it is mandatory to register Patent Assigment Deed under Section 68 of the Patents Act, 1970.
Parties include in Patent Assigment Deed :
1. Assignor : Assignor is a person who is holding the monopoly power towards the property. Assignor is the person who is willing to transfer the rights and ownership of patent.
2. Assignee : Assignee is the person who is willing to receive the ownership or rights of the patent from the assigner.
Advantages of Patent Assignment Deed
1) It provides legality to the transfer of any Intellectual Property.
2) In case any dispute arises between the two entities, it can be solved according to the dispute redressal clauses mentioned in the deed.
3) It acts as an evidence of contractual relationship between assignor and assignee.
Rights and Duties of Assignor
1) Assignee gets the full right to use/sell the patened goods , once it is transferred. 2) Assignee has full power to see for damages caused by Assignor’s action.
3)Right to indemnify against inconvenience caused while he is exercising his rights.
4) Assignee has the duty to pay consideration mentioned by Assignor.
5) All the renewal charges or any other charge caused after the Assignment, shall be paid by Assignee.
*All these Rights and Duties of Assignor and Assignee are mentioned in Patent Assignment Deed.
There are various kinds of patent assignment deed. Those are:
Equitable Assigment- In this kind of deed, a particular share is given to the assignee. Assignee can not enter his name as owner.
Mortgage-In this kind of deed, the patent rights are transferred to obtain money, for a particular time. Once the money is repay, the assignor can take his patent rights back and entitle to register his name as owner again.
Legal Assigment- In this kind of deed, the assignee may enter his name as patent owner.
Amendment of Patent Assigment Deed
Amendment mostly happens in Equitable assigment deed. The deed must be registered at controller of patent , and in case of infringement of parties or mutual consciousness of parties, may mutually agree to amend any provisions of the assignment deed. In case of legal and mortgage deed, amendment not happens usually.
Termination of Patent Assigment Deed
Patent Assigment Deed is permanent and irrevocable in nature. Therefore, Termination is not done . But, Deed may be terminated in case of mortgage Assigment Deed. This happens when assignor fails to pay the money back.
Patent Assigment Deed is a must because companies and business should own there own patents if they want to enjoy patent rights.
Also, Deed acts a legal mechanism of transfer of rights, Hence, It is important.
In case you have any query related to this topic, you may drop in an email at firstname.lastname@example.org or givs us a call at +91 9643340938
Write for Company360.in and be famous fill this simple form and our team will contact you.