You may know firsthand how creating an original work was all-consuming, on top of seeking proper protection rights over it through the United States Copyright Office and/or Patent and Trademark Office. So, you may not understand why you would willingly give up your ownership rights to another party. However, intellectual property transfers are more common and strategic than you may initially realize. Without further ado, please continue reading to learn how to have your rights transferred legally and how an experienced Essex County, New Jersey intellectual property lawyer at The Ingber Law Firm can help you take the correct and best approach.
What methods are used to have intellectual property rights transferred?
Essentially, there are one of two methods you may adopt to have your intellectual property rights transferred: via a permanent assignment or temporary license.
As the name suggests, a permanent assignment involves you, the assignor, completely transferring all your rights over a certain piece of intellectual property to another party, the assignee. Specifically, this means that you relinquish your privileges to use, reproduce, distribute, perform, or display this original work indefinitely. Doing so may make the most sense if you are selling your business entirely or it is being acquired by another company, as just a couple of examples.
Then, as you can likely guess yourself, a temporary license means that you, the owner, grant another party, the user, permission to use a certain piece of intellectual property for a specified period and while following specific conditions. Here, it is imperative that you clearly define the scope of the license so as not to run into any potential infringement issues down the line. In the end, though, this may be ideal if you wish to maintain ownership rights while opening up opportunities for additional revenue streams.
Lastly, whether you choose to permanently assign or temporarily license your intellectual property, you must form and sign a comprehensive written agreement. Rest assured that your lawyer may help you execute this step effectively.
What are the benefits and drawbacks of each transfer method?
If you are comfortable parting ways with your intellectual property, a permanent assignment may offer you a clear-cut break and no confusion or legal disputes surrounding potentially infringing activities. Maybe your intellectual property has not brought you much success so far. But you must be prepared for the possibility of the assignee taking it in a direction that produces a lot of profits. And so, you must accept that you risk missing out on these future monetary opportunities.
On the other hand, a temporary license affords you monetization opportunities, all while possibly introducing you to different marketplaces with new consumer audiences. However, you may soon find out that the user heavily depends on you to offer strategies and plans to turn a profit, potentially doubling your workload. Or, they may not be as credible as you initially perceived them, and they may ruin your reputation in the eyes of your prospective customers.
If you require further clarification on this issue, a skilled Essex County, New Jersey intellectual property lawyer from the Ingber Law Firm is willing to offer it. So please do not hesitate to seek out our services. We look forward to helping you.