Intellectual property assignment template

Intellectual property, or IP, refers to intangible assets that are the result of creativity or innovation. This might include your brand name, logo, website content, software, product designs, inventions or confidential know-how. As property and even though it is often not in physical form, IP will have an owner. 

The law recognises the ability of the owner to protect and enforce its rights to the IP.  Depending on the IP and the applicable legal jurisdiction, this is achieved by a combination of registration and enforcement by law and under contract.

The main types of IP are:

• Trade marks – protect brand names, logos, and slogans
• Copyright – covers written content, designs, software and creative works such as musical compositions and recordings
• Patents – protect technical inventions
• Design rights – cover the appearance or shape of products
• Know-how and trade secrets – include confidential business knowledge or techniques

Each type of IP protects a different aspect of your business’s creative or commercial assets.

An intellectual property assignment template is a legal agreement that transfers ownership of intellectual property from one person or organisation to another. It is commonly used when a company needs to take formal ownership of IP created by a founder, contractor or third party — especially before investment or sale. Investors will usually require that all relevant IP is assigned to the company before funding.

IP can be protected in different ways depending on the type and the applicable jurisdiction. In the UK, some rights, like trade marks and patents, require registration. Others, like copyright, obtain automatic protection once a work is created. It’s important to be clear in business contracts who will own the IP which is created during the course of the contract, particularly when working with freelancers or consultants.

Owning IP means having the legal right to use, license, adapt or sell it. For a business, this usually means the company — not an individual — must hold those rights. Problems can arise if a founder, employee or contractor owns key IP rather than the company itself. Investors and buyers will want reassurance that all essential IP is properly owned by the business.

The key documents for managing IP in a business include:

• IP assignment agreements – to transfer ownership of rights
• Employment contracts – with clauses ensuring IP created at work belongs to the company
• Consultancy agreements – which should include clear terms on IP ownership
• Licences out – allowing IP to be used by others under agreed conditions
• Licences in – permitting the business to use IP belonging to others, such as third party software licences