An assignment is used whenever one person or company wants to sell some or all of the intellectual property rights in a design to another person or company. Assignments effectively change the ownership of the intellectual property rights assigned, leaving the original owner with no further rights.
An assignment is used to confirm a transfer of ownership. If the IP in question has previously been paid for the rights are sold for £1 to ensure that the assignment is legal. Where they are being sold for a price the value should be inserted. Careful thought should be given to the value of the intellectual property rights in a design whenever the rights are being sold for their full value in an 'arm's length transaction' (such as on the sale of a business), rather than for a nominal amount as in these agreements. Assignments can also be used to transfer some of the intellectual property rights in a design only, as well as to grant rights in relation to certain activities (such as manufacturing only) or for certain products (e.g. to use a copyright work for clothing designs only).
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