I agree to support the company or its agent, at the company`s expense, in all appropriate ways, in order to guarantee the company`s rights over inventions and all copyrights, patents, intellectual property rights or other intellectual property rights in all countries, including the disclosure of all relevant information and data regarding the execution of all applications. , specifications, oaths, assignments and all other instruments that the company deems necessary to apply for and obtain these rights and to transfer and transmit to the company, its successors, successors, assignments and appointments the exclusive rights, titles and interests of these inventions, as well as all copyrights, patents, hidden work rights or other intellectual property rights in this area. I also agree that my obligation to enforce or execute such instruments or documents, if it is within my authority, to continue the transfer of intellectual property after the end of this agreement. If, because of my mental or physical disability or for some other reason, the company is unable to back up my signature to apply for or pursue a U.S. patent application or foreign patent or copyright registrations for original inventions or paternity works attributed to the company as above, then I effectively name and appoint the company and its authorized representatives and agents as my agent and lawyer. to act for and on my behalf, to execute and file such applications and to make all other legitimately authorized acts to support the prosecution and issuance of patent or copyright registration letters with the same legal force and effect that I have carried out. These agreements serve as a starting point for negotiations with research sponsors, potential licensees and others, as the agreements suggest by their nature. Faculty members are cordially encouraged to use these documents as starting points; However, all contracts must be processed through the appropriate office of each UT institution. An intellectual property transfer agreement is a contract between two institutions that sets the terms for the purchase and sale of intellectual property rights. It explains the intellectual property rights and obligations of each party that can be created by the cooperation teams. The IP agreement also describes IP rights, which are created collaboratively, as well as the PIs that are created by each party. It can also be referred to as an intellectual property transfer agreement or an agreement on intellectual property.
Why is it important to have one? The same goes for an IP agreement.