ASSIGNMENT OF PATENTS
This Deed of Assignment is executed on this _______ day of ______.
Sh. _________, S/o Sh. ___________, R/o _____________ (hereinafter named "the assignor") which expression shall include his successors, executors and administrators of the one part
Sh. _________, S/o Sh. ___________, R/o _____________ (hereinafter named "the assignee") which expression shall include his successors, executors and administrators of the other part.
Whereas the assignor having inventor and patentee of a process for the manufacture of Ayurvedic medicines as duly registered and entered in the Register of Patents duly sealed in the Patent Office at _______.
And Whereas by an agreement dated ______ between the parties to this deed; the assignor has consented to assign all his rights and interest in the patent above stated in favouring assignee for a consideration of Rs. ______.
Now This Deed Witnesses as Follows:
1. That the assignor being sole and beneficial owner of this patent, hereby assigns to the assignee his title and all benefits, rights, privileges and advantages emerging and concerning to the said patent and to hold the same completely.
2. That as consideration of said assignment the assignee has paid to the assignor a sum of Rs._________ the receipt of which the assignor hereby acknowledges.
3. That the assignor’s title to the said patent is existing and that he has not assigned or dealt with the said patent. The assignor also agrees that nothing has been done to prejudice the rights of the assignee as transferee of the patent and the assignee is entitled to can exclusively.
4. That, if at any time while the said patent is in force, the assignor invents or makes any improvement or improvements on the said invention, which shall be disclosed to the assignee. Also, the assignor shall help the assignee in making practical use of such method /discovery. Assignor shall also do all other acts and execute all such deeds as may be compressor for conferring in the assignee all rights, title and interest in the new invention or improvement and its full and exclusive benefit.
In Witness Whereof, the parties to this deed have signed at (Name of place), on the day, month and year first noted above, in presence of:
Signed.............. Date ..........