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Agreement Between Joint Patentees- Assignee To Sell Or License
AGREEMENT BETWEEN JOINT PATENTEES- ASSIGNEE TO SELL OR LICENSE
This agreement was entered on [Date] between: [Name and Address of First Patentee], hereinafter referred to as first patentee, and: [Name and Address of Second Patentee], hereinafter referred to as second patentee.
RECITALS
Letters patent were issued to first patentee and second patentee jointly on
[Date letters where issued] for [Subject of the Invention]. Subject to this agreement, first patentee sold, assigned, and conveyed his/her entire joint right, title, and interest to this patent to second patentee by an assignment on [Date of assignment].
AGREEMENT
In consideration of the assignment, the parties agree as follows:
SECTION ONE: RIGHT TO NEGOTIATE FOR SALE OR LICENSE
Second patentee, as record owner of the complete right, title, and interest in the above patent and invention, has the right to negotiate for the sale or license of the patent or invention. Second patentee also has the right to enter into suitable agreements with respect to the patent or invention at the patentees sole discretion.
SECTION TWO DIVISION OF RECEIPTS FROM SALE OR LICENSE
The receipts of any sale or license of the invention by second patentee are to be divided and distributed as follows:
This agreement was executed at [Location] on [Date].
Signature of First Patentee Date
Signature of Second Patentee Date