You may have worked hard to obtain the intellectual property rights that you have right now. But you may eventually conclude that transferring these rights may be the best business move. If this is your case, continue reading to learn how to transfer your ownership rights and how an experienced Essex County, New Jersey intellectual property lawyer at The Ingber Law Firm can confirm that this decision works to your advantage.
Under what circumstances might I want to transfer my intellectual property rights?
Though you may not initially realize it, there may be many benefits to transferring your intellectual property rights. Just a few of the most prevalent reasonings read as follows:
- A transfer may welcome additional outlets for revenue streams.
- A transfer may welcome opportunities for joint ventures and co-development.
- A transfer may solidify a stronger presence and position in your current market.
- A transfer may break through to new markets and adapt easily to their regional laws, customs, etc.
- A transfer may reduce the maintenance costs and responsibilities that come with the intellectual property.
- A transfer may demonstrate an initiative to monetize intellectual property assets and subsequently entice investors.
What do I do to transfer my intellectual property rights effectively?
Depending on the exact benefits you wish to reap and the outcome you wish to achieve, there are different ways in which you may transfer your intellectual property rights. Namely, you may use an assignment or a license.
On the one hand, an assignment may be used for the permanent transfer of intellectual property rights over to another party. Meaning, you may be required to transfer all your held rights without the possibility of ever having them back. With this clear-cut appointment, you may avoid future legal disputes regarding intellectual property ownership and promote smooth operations over it instead.
On the other hand, a license may temporarily transfer intellectual property rights over to another party. Meaning that another party may be allowed to sell or commercialize your intellectual property for a set period, providing additional revenue streams for you. But once this period expires, they may have to cease all activities and reinstate your exclusive rights.
Regardless of whether you pursue an assignment or licensing agreement, you must establish you are the intellectual property owner to begin with. Then, within this agreement, you must specify the scope of activities to which you consent, which may go beyond the standard activities an intellectual property owner has the right to (i.e., copying, distributing, producing, etc).
Importantly, you should not sign any agreement before reviewing it with a legal advisor. In conclusion, you must not second-guess your decision to retain the services of a skilled Essex County, New Jersey intellectual property lawyer. This is because we can guarantee that someone at The Ingber Law Firm will guide you through every step of the way.
