Intellectual property rights, such as patents, trademarks, and copyrights are personal property and may be sold to others. They may also be bequeathed by a will and passed on to heirs.
The transfer or sale of an intellectual property right is accomplished via an instrument in writing. Such an instrument is referred to as an assignment and may transfer the entire or part of the interest. If the entire interest is assigned, the assignee becomes the owner of the patent, trademark, or copyright and has the same rights that the original holder had.
An assignment may also provide for a part interest, that is, a half interest, a fourth interest, etc. There may also be a grant that conveys an assignment, but only for a particularly specified part of the United States or for a specific period of time.
The owner of an intellectual property right may also grant licenses to others. Licensing is the process of leasing a legally protected intellectual property right, such as a trademark, copyright or patent.
A license is a contract and may include whatever provisions the parties agree upon, including the payment of royalties, etc. A license agreement is in essence a promise by the licensor not to sue the licensee in exchange for some sort of financial remuneration.
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