Intellectual property is very important for the global economy. Intellectual Property (IP) Rights are intended for the protection and hence encouragement of innovation as well as marketing which form the cornerstone of modern capitalism. The declaration of assigning intellectual property is a legal document. It is a contract that enables the transfer of intellectual property from one party to another. The assignor is the person who transfers the IP interest. The assignee is the person that receives the IP interest.
The assignment of intellectual property rights is considered permanent. This implies that the prior owner of the intellectual property (assignor) will no longer have any rights to the intellectual property that has been transferred to the assignee. The rights that can be assigned to another individual or entity include trademarks, inventions, domain names. Business names, logos, copyrights, and source codes. A declaration for assigning intellectual rights must have a clause stating that the assignor is no longer in the capacity in bringing any claims with regard to the assigned property’s rights. This shall be agreed to by all the parties involved in the agreement.
Important parts of the declaration of assigning intellectual rights
The core elements of the declaration of assigning intellectual rights in the UAE include:
- The definition of the intellectual property that is being assigned.
- Assignment: There is a clause in every IP assignment that expressly transfers the assignor’s IP title to the assignee. There should be no ambiguity as to the scope of the rights being transferred to the assignee under this provision.
- License: The declaration of Assignment must contain a license clause that explains the specific rights that the licensee will be able to use.
- Termination and term: Separate terms outlining the period and circumstances under which the agreement may be cancelled must be included in the assignment.
- Moral rights: The assignor’s moral rights in the IP must also consent to the assignment.
- Warranties: A warranty clause is crucial because it protects the assignee from responsibility if the assignor, whether knowingly or unintentionally, seeks to transfer IP that belongs to another party.
Some additional clauses maybe also there. These can be dispute resolution mechanisms, compensations, disclaimers, Royalties and further Assignments to a non-transferrable trademark or any other kind of intellectual property.
What is considered the best time for an intellectual property to be assigned in the UAE?
There are various situations in which there might arise a need to declare the assignment of intellectual rights. You may be establishing or acquiring a firm. Then the Intellectual Property Assignment declaration (IP) is required for intellectual property transfers. Businesses may decide to assign some of their IP to other parties in return for a fee in light of the potential high value of IP. For businesses, this may be a significant source of income. A well-written IP assignment declaration enables entrepreneurs to transfer their IP ownership rights to their corporate entities, giving the corporate entities a strong title to the IP they need to conduct business. The declaration is a legal document that requires the signature of the notary as well as the witnesses. One can visit the Notary public Dubai to make the deed legalized and valid in the UAE.
Signatories for the declaration of assigning of intellectual property
The licensor, also known as the assignor, and the assignee shall sign the declaration of intellectual property assignment. To be notarized, the document must be signed by both the witnesses and a notary public.
Important terms of the agreement on the assignment of intellectual property
The format for the agreement of assigning intellectual property is not defined in the UAE. However, it is advisable and necessary to word and sign the document very carefully as the contract is binding for both parties involved. In general, most of the trademark assignment agreements in the UAE have at least the following provisions mentioned in the document.
- Provision of assignment- this provision requires one person or entity to assign the intellectual party to another party. This may sometimes also be an assignment from an employee to the employer for the employer to have the total rights on the intellectual property once the employee is leaving the company or for whatever reason, this is done.
- Provision of disclosure- as per this provision, one party is supposed to inform the other party of intellectual property rights’ existence which had been developed as per the assignment provision.
- Power of attorney- this is considered a standard clause. This provision guarantees that a party has the right to administer or register ownership rights of the intellectual property even when another party is not present or irrespective of whether or not the party can provide or is willing to provide any kind of assistance.
The assignment of rights intellectual property allows a party to have the right in using intellectual property like a patent, a design, a trademark, or copyright. For the assignment to be enforceable and valid as per the law, the assignment of intellectual property must be written in a very appropriate manner and in the correct and precise language.
What are the different types of intellectual property?
Copyrights, trademarks, patents, and trade secrets are the four different types of intellectual property protection.
Ensuring that the intellectual property is not stolen
In order to protect intellectual property from theft or to keep it secure, it must be registered in the UAE. The procedure might be difficult and time-consuming. As a result, you should seek the advice of competent UAE attorneys who can aid you with registering your intellectual property.
At Notary Public Dubai, we have experienced lawyers, we have vast knowledge and experience in the field of intellectual property and get the work assigned in a very convenient and smooth way. To sort out all your legal issues, do get in touch with us and we will help you out in getting it done in the best way possible.