Intellectual Property Sales Overview
What Net Lawman says about its IP sales and assignment templates:
"The documents transfer your rights in intellectual property that you have created or otherwise own, to someone else. In legal jargon, these documents assign your rights. In everyday language, they deal with a sale.
The legal framework for a sale of rights is largely the same regardless of the type of IP being sold. A sale in a composition of music is not dissimilar from the transaction for the sale of a complex technological innovation.
These documents can be used to sell: a set of photos, a book, a film script, architectural drawings, chemical formulae, film rights, web page articles, a patent, or anything else.
The law does not restrict what sale terms you can agree. For that reason, we have been able to give you a very wide range of alternative deals and arrangements.
For example, payment might be cash up front, by royalty, by shares in the acquiring company or any combination.
It follows that when you look for the right document for your sale, look at the terms of the deal as well as the subject matter we have named in the title. If you need help, please ask us.
Who should use these documents?
Either the buyer or the seller could use these documents. They are written to be fair to both sides because even though the transfer is immediate, the buyer may still rely on the seller for co-operation with ongoing support.
Our guidance notes explain each paragraph so that editing a document is easy whether or not you regularly sell IP.
Strong legal documents
If we refer to a document as “simple” we mean it is uncluttered by supplementary arrangements – not that the legal effect is in any way compromised.
In contrast, a document described as “heavyweight” contains many more options. You may or may not use all the options we give but by providing them, we hope to give you more ideas for consideration. You can easily delete the ones that are not applicable to your deal.
Limiting the rights sold
All these documents give you the flexibility to sell the IP subject to conditions on use by the buyer.
For example, you could sell rights to a design for a component, but limit the buyer to use that component only in certain products."
What our documents cover
So far as applicable, our documents cover:
Fictitious names for people and products
We give fictitious names to the parties in the contract and the IP so that it is easier for you to follow the document. Of course, you will need to change these to the names of your own parties or products, or use generic ones.
Complete legal and commercial framework
Every agreement comprehensively provides the terms you need for a deal. We cannot mention every detail of every document here, but you can be confident that if you are likely to need a term, we include it.
Support by the owner or creator to the licensee
Many deals involve not only a sale, but also a licence of secondary IP that supports the primary IP sold. For example, you might sell a physical product that requires software to operate. Updates to the software would be licensed rather than sold with the hardware.
The reasons why you might want to licence some rights rather than sell all are the same as why you might want to limit the rights sold: you may want to retain control to maximise the value you receive; or you may not have the rights yourself to sell.
We provide in many of our documents for an additional licence to complement the sale. If not needed, these terms can easily be deleted.
Preserving moral rights
Although a creator automatically by law has the right to be recognised, we do nonetheless mention it in many agreements."
Detailed guidance notes are provided with each template. Net Lawman offers a money back guarantee if the document is not what you need, as well as a legal review option if you want some professional assistance when you are drawing up your documents.
Notice:
The documents menus are designed to describe the documents, but please be sure that you check them over carefully to ensure that they do meet your needs. All documents are subject to Net Lawman's Terms and Conditions, which we ask you to read before you purchase any documents.
We are pleased to be supported by Net Lawman.co.uk as a leading independent online provider of ready-to-use legal documents for business users.
Net Lawman is a founding member of the Association of Publishers of Online Legal Documents (APOD).
APOD exists to:
- promote the sale of online legal and business document templates;
- educate the public about the need for legal documents to protect their interests, and in the online availability of professionally written and affordable template contracts;
- promote and represent the interests of the Association and its members;
- ensure professional standards for customers and the public in accordance with the APOD Code of Practice.
We always welcome your feedback so please do let us know what else you would like to know about using this Form.
Selling limited rights allows you to maximise the value the IP because you can sell the rights multiple times to different buyers for different uses.
The other reason you might want to limit the rights sold is because your IP contains the intellectual property under licence from someone else, and that you don’t have a licence to sell it.