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Assignment Of Intellectual Property
Agreement by [Name] of [Address] hereinafter referred to as "Assignor", and [Name] of [Address] hereinafter referred to as "Assignee". The parties, intending to be legally bound hereby, do hereby agree as follows:
Assignor hereby assigns to Assignee and Assignee hereby accepts such assignment of any and all intellectual properties created during the term of this agreement by Assignor. Intellectual property shall include, among other things, patented material, copyrightable material, trademark material, or any such similar inventions, creations, devices, etc.
Assignor hereby relinquishes and grants to Assignee any and all rights, title or interest that Assignor may have, may possess, or may become legally entitled to in the property hereinabove described and assigned by Assignor to Assignee.
Assignor warrants and specifies that it has all rights title and interest to the property as hereinabove described, and that the transfer thereof to Assignee violates no federal, state, or other laws, but that the property belongs exclusively and solely to Assignor.
Assignor agrees to hold Assignee harmless and free and clear of any and all disputes, contests, infringement actions, or other legal attacks upon the property assigned by Assignor to Assignee as hereinabove described.
In consideration of this assignment, Assignee agrees to pay Assignor a one time lump sum of [$------] payable uUpon execution.
This agreement shall continue unless otherwise terminated, until [Date].
In addition to the above, this agreement may be terminated upon the mutual consent of the parties in writing. Both parties must consent to the termination. Upon such termination, any and all federal, state, or other rights that have been assigned hereunder shall revert immediately to Assignor.
Any dispute that arises hereunder shall be resolved by arbitration pursuant to the rules of the American Arbitration Association or like organization.
In the event that litigation is commenced to enforce any of the terms of this agreement, the prevailing party in the litigation, whether by court or arbitration, shall be entitled to the costs thereof, including reasonable attorney fees.
This agreement constitutes the entire agreement between the parties hereto concerning the subject matter hereof, and this agreement shall be interpreted pursuant to the laws of the state of [State].
EXECUTED on [Date].
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
[Name of Notary Public]
My commission expires: [date]