Custom Made Cofounder IP Transfer Agreement Template

An intellectual property assignment agreement transfers the ownership of intellectual property rights in a work. The effect of such a transfer is that the person to whom it is transferred (assignee) has exclusive rights over the IP while it cannot be used by the assignor (the person assigning the rights). Intellectual property includes creations of the mind, such as inventions; literary and artistic works; designs; trade secrets; symbols, names, and images.

Also called an IP transfer agreement, it is created to ensure that when an employee helps develop a creation on behalf of a company, the company can retain the rights to the creation. The creation includes business ideas, software development, brand design, identity, etc.

Preview Cofounder IP Transfer Agreement Template

About The Cofounder IP Transfer Agreement Template

This IP assignment agreement template was created especially for the irrevocable transfer of intellectual property rights from the cofounders to the company.

This template has also been carefully vetted by lawyers qualified to practice in multiple jurisdictions, with extensive experience in technology and working with some of the fastest-growing companies in the African tech space.

It is written in simple, comprehensive grammar that is easy to understand by founders and entrepreneurs. The legal terms in this template have been simplified using terms that can be read and understood by anyone.

Information You Need For This Template

To fill out this agreement to your needs, here is some information that will be asked of you in the form:

  • The legal name and address of the founder (assignor)
  • Name and address of the company (assignee)
  • Brief description of the business of the company
  • The country under whose laws the agreement will be governed: this is the country where the business is carried out.

This Cofounder IP Transfer Agreement Contains:

Personal Information:

This provides for the name and address of the parties to the contract; the founder assigning their rights and the company to which the rights are assigned.

Effective Date:

This is the date on which the agreement entered into by the parties becomes effective or commences.


Assignment:

There is no IP assignment agreement without the assignment of IP rights. This clause specifically assigns or transfers the right in the IP from the assignor to the assignee using the words “hereby assigns/transfers”. It must also state the extent of the rights that are being granted to the assignee, in this case, it should grant all current and future rights to the assignee irrevocably.

Representations and Warranties:

This clause is used by the assignor/transferor to represent that they have exclusive rights over the IP being transferred.




Definition of Terms:

This section defines the terms used in the agreement and the context in which they are used to make it easy for parties to correctly interpret their rights and obligations under the agreement.

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