If you are selling intellectual property such as a trademark or an invention, either as a part of the sale of your company or as an individual Seller, you may be asked by the Purchaser to sign documentation confirming that you are no longer the owner of the intellectual property and that you waive any right to use it.
If you are purchasing a company or product, it’s just as important to take the necessary steps to protect your interests. Having the necessary due diligence and closing documents in place can provide you with security and peace of mind.
Your successful invention or idea has value and you can sell it to fund your next project – or even just for profit. The purchaser, however, will want reassurance that they will have the sole use of the product. A waiver is a simple document confirming that you are giving up all of your interest in your product and that you will not attempt to use your invention for your own gain.
If it is your company that owns the intellectual property, you will probably need to provide comfort to the future owner that there are no claims against their acquired company and its assets. Having your employees and contractors sign documents acknowledging the sale of assets and confirming that they will not make a claim against the intellectual property can go a long way toward closing your deal.
On the other hand, if you are purchasing intellectual property, either as an individual or through your company, it’s important to protect your investment from future claims. It’s a good idea to obtain confirmation from the seller, including any employees that may have worked with the development of the target product, that they waive any right to make a claim against your newly acquired asset. Chances are you are purchasing this asset with the intention of making a profit and growing your business, so you don’t want any surprises once you make it a success.
Red Seal Notary can administer these Declarations quickly and affordably, and keep your transaction moving smoothly. If you have a number of employees to sign, our Mobile Notary Service can come to you and get them all done at once. We can often meet at your office and get the job done with minimal interruption to your business.
Use our online appointment request form or call us at 1-888-922-7325 to find out how Red Seal Notary can help you protect your intellectual property.