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Assignment-Contract Of Patent Rights
ASSIGNMENT-CONTRACT OF PATENT RIGHTS
This agreement was entered on [Date of agreement] between [Name of inventor], the inventor, and [Name of assignee], the assignee.
SECTION ONE: ASSIGNMENT OF PATENT RIGHTS
In return for consideration in the amount of $ [Amount to be paid by the assignee] to be paid by the assignee, the inventor hereby agrees to assign to the assignee the following patent applications or patent numbers along with all the powers and privileges relating thereto.: [Application numbers, title of the inventions, filing dates for any applications, or the patent numbers, title of the invention and issue dates of any patents here]
SECTION TWO: EXECUTION OF EFFECTUAL TRANSFER
At the assignees request, the inventor will execute an effective transfer of the above patent rights to the assignee after the assignee has paid the agreed consideration set out above.
SECTION THREE: EFFECTIVE DATE OF ASSIGNMENT
This assignment will take effect on [Date]. At that time, the assignee must pay the purchase price to the inventor upon receiving an instrument effectively transferring the specific patent rights to the assignee. This instrument of transfer is to be prepared by the inventor at his/her own expense.
SECTION FOUR: LIQUIDATED DAMAGES
Since monetary damages for the breach of this agreement would be difficult to compute, the parties hereby agree that, in the event of a default, the defaulting party must pay to the other party the sum of $ [Amount to be paid as liquidated damages] as liquidated damages.
This agreement was executed at [location] on [date].
Signature of Inventor Date
Signature of Assignee Date