When IP rights are sold a written, signed agreement is required with certain essential clauses for the sale to be valid. Such clauses could include an adequate identification and description of the IP, indications of whether the sale is with or without goodwill, the effective date of the assignment, the territory covered, whether exchange control approval applies, the correct descriptions of the parties, price, payment details, warranties, conditions, jurisdiction and more. Depending on the country for which the agreement is concluded, formalities such as notarization, and authentication by foreign consulate or by court apostille may additionally be required. We draft such agreements to ensure their effectiveness and validity, and help you take care of the formalities required in execution. We can further provide due diligence investigations where assignments and acquisitions are concerned, as well as valuation of the rights. We can assist in obtaining exchange control approval for the transaction where required.
Once an assignment agreement is concluded, the next step is to ensure that the assignment is recorded on the register in the country/countries concerned. This involves formal application to record, and follow-up until a certificate of assignment is obtained and the register reflects the sale and change in ownership.
