ASSIGNMENT OF PATENT RIGHTS (IN PORTION)





THIS Agreement made on this _______ day of __________ between Sh.______________ S/o Sh._________ r/o ________________________ hereinafter referred to as "the patentee" (which expression shall unless contrary to the context or meaning thereto including his successors, executors, administrators, legal representatives and assigns) of the one part.

AND

Sh. _________________S/o Sh._________ r/o __________________ hereinafter referred to as "the transferee" (which expression shall unless contrary to the context or meaning thereto including his successors, executors, administrators, legal representatives and assigns) of the other part.

The patentee and the assignee hereinafter collectedly referring as the "Parties".

WHEREAS

1. The patentee being inventor of _________ and holding patent rights (more specifically stated in schedule I hereto) in exclusively manufacturing/marketing of products of several descriptions/sizes by adopting the patented procedure.

2. The Assignee has asked the patentee to buy one half share of all rights/interests of the patentee concerning the said patent rights including all progress made or future inventions relating therewith and the patentee has consented to vend one half share of those rights to the assignee on the terms/conditions hereinafter appearing.

NOW IT IS HEREBY CONSENTED BY AND BETWEEN THE PARTIES AS BELOW:

1. Agreement to Transfer

In consideration of a sum of Rs.__________ payable by the assignee to patentee (which receipt is acknowledged by patentee), the patentee shall transfer to the assignee one half share of all his rights/interests concerning the said patent rights inclusive of all improvements on it or sub-sequent inventions relating thereto and HOLDING the same to transferee completely.

2. Patentee’s Agreements

The patentee hereby agrees with the assignee as below:

a. That the said patent is existing and is not nullity or voidable;

b. The patentee shall, as and when needed by assignee, give to the assignee such help/information concerning the said invention and procedure working/using the same and all procedure relating thereto, as may be compulsory in allowing him using and exercising the invention to his best benefit;

c. The assignee may manufacture/vend per said patent without accounting the patentee, any profits got from it;

d. The patentee shall, on transfer of the patent rights to the assignee, correspond all progress made by him in said invention to the assignee who will be getting advantage improvement thereto and shall help the assignee for doing all such acts/deeds and things compulsory in getting a patent for such improvement, one half share of which shall be conferred in the assignee on the same term/conditions as such improvements is forming portion of the original invention.

3. Agreements by both the Parties

Both the parties hereto agrees as follows:

a. That they shall not allow any separate licence to in manufacturing or vending per said patent without prior express agreement of the other.

b. That they shall be paying all fees relating with receiving or enforcing said patent proportionately per their related shares in the said patent.

c. That if either of them wants, at any moment after it, in selling his share to any third party, firstly he shall offer same to the other party who if disagree in purchasing it by ___ days from the date of the offer at the price offered by the third party, he shall be free in selling his share to such third party.

IN WITNESS WHERE OF, the parties hereto have signed this agreement

(The schedule I hereinafter referred to)

The Patentee

The Assignee

Witness: