What Is An Assignment Agreement?
An assignment agreement is an agreement by which a first party transfers something of value to a second party. For example, an assignment of intellectual property is the transfer of that intellectual property from one person to another. Typically, the term assignment is used in reference to intangible rights to or benefits from something rather than a physical item.
What May Be The Subject Of An Assignment?
Generally, assignments deal with rights or benefits. Consequently, things that are the subject of assignment agreements are typically intangible. For instance, an inventor who patents his idea and then creates a start up company based off of it may assign his invention to his start up company. Alternatively, a person who owns land may assign to another easement rights over a portion of that land.
How Are Assignments Made?
Assignments are generally made via contracts. These contracts are often known as (and occasionally titled) “assignment agreements.” Assignment agreements may be extremely complex or very simple, depending on a range of factors, including what is being assigned, the value of the assignment, and the relationship of the parties.
Why Assign Your Rights?
It depends. If you are working for a company to produce writings, you are probably going to be expected to assign your rights pertaining to whatever it is you end up writing for your company to that company. On the other hand, if you invent something wholly unrelated to your work for that company during your personal time, mindlessly assigning those rights may not be the thing to do.
Got An Assignment Agreements Question?
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