A legal document, declaration of assigning intellectual property rights, is a contract between a corporation or individual transferring intellectual property rights onto another corporation or individual.
The assignment of rights for intellectual property can be permanent in which case the assignor won’t have any rights to an intellectual property any longer. Intellectual property which can be assigned to another individual or business entity includes trademarks, inventions, logos, business names, domain name rights, copyrights, and source codes among others. An agreement for assigning intellectual property rights can also have a release in which the assignor states that it no longer has the legal capacity in bringing any claims with regards to the intellectual property’s rights. This should be approved or agreed upon by all parties involved.
What are the elements of an agreement for assigning intellectual property rights?
The core elements of declaration or agreement of intellectual property rights assignment in UAE include a definition of the intellectual property that is assigned, release, moral rights, the assignment, warranties, and waiver. Additional clauses can also include dispute resolution mechanisms that are preferred by parties involved, compensation, disclaimer, and license to a non-assignable trademark or any other kind of intellectual property.
When’s the best time for the drafting of intellectual property assignment agreement in UAE?
The agreement of assigning intellectual property right in UAE may be created and utilized for several different situations. This can include when a business entity is acquiring or being acquired by another business entity when the business founders are incorporating the business, as well as when one party is buying a product from a different party. The deed is a legal document that is legally binding. It requires signatures of witnesses, as well as notarization from a public notary in Dubai.
Who should sign the agreement for assigning intellectual property rights?
The party that is assigning the rights of the intellectual property, referred to as the licensor or assignor, as well as the party that is getting the rights to the assigned intellectual property, referred to as the assignee, are to sign on the agreement. Witnesses are to add their signatures as well and a public notary has to notarize the legal contract.
What are the mandatory provisions of an agreement of intellectual property assignment?
In UAE, there’s no standard form to be used for an assignment agreement. It is, however, necessary to word and sign the document carefully as the contract is binding for the parties involved. If an agreement is part of employee guidelines or an employee handbook, there is a need to work with lawyers and legal consultants in UAE in order to make sure that it‘s still legally binding if signatures are on separate employment contract documents.
Generally, most trademark assignment agreements in the UAE have at least the provisions that are listed below.
This provision requires one party to assign intellectual property to another party. This can also be an assignment from an employee to an employer in order for the employer to have total ownership of intellectual property. The provision may be narrowed to the inventions or trademarks that are created by employees only. This provision can also be broad to include almost all that an employee makes.
This provision requires a party to inform another party of intellectual property rights’ existence which was developed as per the assignment provision.
Power of attorney
This clause is the standard. A provision for a power of attorney provides a guarantee that a party may administer or register ownership rights of intellectual property without the presence of another party, or regardless of whether or not a party is able or willing to provide assistance.
An assignment of rights for an intellectual property allows a party to have the right in using an intellectual property such as a patent, design, trademark, or copyright. The assignment has to be written in the appropriate manner and contains the correct language in order for it to be considered effective and enforceable in the eyes of the law.
At HHS Lawyers, our team offers legal drafting in UAE for the assignment of intellectual property rights. With decades worth of experience and talented attorneys and legal consultants in UAE, we're able to help you with your unique legal needs and requirements. Contact us today for further information.
What are the kinds of intellectual property?
The most common kinds of intellectual property include patents, trademarks, copyrights, and trade secrets.
How can I make sure intellectual property isn't stolen?
Trademark registration in UAE is essential in providing intellectual property sufficient protection. If you want to know more about the process as it can be complex and time consuming, we suggest you seek the guidance and assistance of a team of trademark experts in UAE.