What Does “Assignment of Rights” Mean in a Contract?
Transfer of ownership of rights (like intellectual property) from one party to another.
Detailed Explanation
Assignment transfers ownership - after assignment, you no longer own the rights; the assignee does. This is different from a license, which grants permission to use while the original owner retains ownership.
IP assignments are common in employment and contractor agreements, where work product rights are assigned to the hiring party. Assignments should be in writing and may need to be recorded with relevant IP offices.
Example in a Contract
“Contractor hereby irrevocably assigns to Company all right, title, and interest in and to any Deliverables, including all intellectual property rights therein, throughout the world, in perpetuity.”
Why It Matters
Assignment means permanently giving up ownership. Once you assign IP rights, you no longer own them and need permission to use them. Understand what you're assigning and negotiate for any rights you want to keep (like portfolio use).
Related Terms
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