As the title suggests, the IP Assignment Agreement is a contract used for “assignments” of intellectual property – transactions in which one party transfers ownership of an IP asset (trademark, copyright, patent or trade secret) to another. Stated simply, an “assignment” is where you sell your entire interest in the IP outright.
In contrast, if you want to remain the owner of the IP, but want to allow another party to use the work (pursuant to clearly defined terms), an intellectual property license is more appropriate. Unlike assignments, where you’re selling all of your rights in the IP to another person or entity, granting a license means that you’re simply giving another person or another business the right to use your work – usually in exchange for some money.
This IP Assignment Agreement template should only be used to assign IP developed by employees of the business.
If you’re looking to transfer ownership of IP prepared by independent contractors, use the Independent Contractor IP Assignment Template.
*** When it comes to ownership of IP created by people you hire, the law does require different language to be used depending on your relationship with the transferee (employee vs. independent contractor), so using the correct template is actually important here.