While assignors make money right away, assignees can create revenue streams by earning money from royalty payments.
After an assignment is complete, the assignee has exclusive rights to such income.
Alternatively, you can consult an intellectual property attorney.
Get your basic Chapter 7 bankruptcy questions answered.
A patent is a government-granted property right that can be used to exclude others from making, using or selling an invention for a specified time (how long depends on the type of patent).
Patents can provide important commercial benefits (discussed in detail in our companion piece What You Need To Know About Patents) — but only for patent owners.Learn about the various types of exemptions, which ones you can use, and how they can benefit you in either a Chapter 7 or Chapter 13 bankruptcy.You've done all the research and made sure your assets will be distributed to your heirs, but what happens to your credit card debt?And what about when you have more debts than assets?Get the skinny on how the courts settle your debt when you die.You can assign rights for applications still pending with the United States Patent and Trademark Office (USPTO).When the USPTO approves the application, the assignee benefits from and may use and enforce the patent, not the assignor.A patent assignment agreement documents the transfer and arrangement between the parties.If you are considering entering into one, know that you need it to be written—a verbal agreement alone is insufficient.Well-executed ownership assignments are legally binding, but what does “well-executed” mean?Patent ownership assignments have several formal requirements to be considered valid.