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An Intellectual Property Assignment Agreement is a document that facilitates the transfer of intellectual property rights in a work of intellectual property (such as an invention, design, pattern, trademark, trade name, logo, trade secret or any other original creation) from the originator to another. The party who owns the intellectual property and is transferring their rights in the property is called the Assignor, while the party receiving the rights is the Assignee.
Intellectual property is a creative invention that can be protected under the law. It is an intangible property that gives the originator the sole and exclusive rights to the property except it is licensed or assigned. Suffice to say that intellectual property, just like any other property, can be licensed, sold or assigned to another party for valuable consideration.
The owner of an intellectual property has the exclusive rights to license or sell their intellectual property except in the context of employment where an employee or independent contractor creates the intellectual property in the process of performing their duties for the employer/client. In this case, employer/client can legally secure all the intellectual property created.
This document can be used for the Transfer of intellectual property rights:
How to use this document ?
After completing this document, the parties (i.e the assignor and assignee) should review the document to ensure the accuracy of the contents of the document.
After that, the parties should sign at least two copies of the document and keep at least one signed copy each for record purposes.
If either of the parties is a Nigerian company, either two director or one director and one secretary should sign the document and affix the common seal of the company to the document.
If either of the parties is an organization other than a company, an officer of the organization should sign the document and ensure that a witness attests the document by writing their name, address, occupation and signature in the row right below the signature of the officer in the document.
The Trade Marks Act Cap T13, LFN 2004 and the Trade Marks Regulations,1990 are applicable to trademarks in Nigeria. The Nigerian Copyrights Act, Cap 28 LFN, 2004 are applicable to copyrights in Nigeria. Patents and Designs Act, Cap P2 LFN, 2004 is applicable to registered patents in Nigeria.
The rules of contract are also applicable to this document.
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