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Intellectual Property Assignment Agreement Fill out the template

Intellectual Property Assignment Agreement

Last revision
Last revision 22/04/2020
Formats Word and PDF
Size 5 to 8 pages
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Last revision: 22/04/2020

Size: 5 to 8 pages

Available formats: Word and PDF

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Intellectual Property Assignment Agreement

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:

  • by an employee or independent contractor/service provider to transfer their intellectual property rights in any work created in the course of fulfilling their duties to their employer/ client;
  • by founders of a business entity to transfer intellectual property rights in any original work or invention which was formulated for the business entity;
  • by a third party to transfer intellectual property rights in any work created or invented to another party in exchange for compensation (such as money or property). For example, a movie streaming platform and production company like Netflix can acquire all the copyrights in a movie in exchange for money. In this case, the company has the rights to display, reproduce and retain the entire proceeds it obtains from the display of the movie.

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.

Applicable laws

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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