What is a patent assignment?

A patent assignment is a document that allows a patent holder to transfer ownership of a patent to another individual or entity. The assignor, or current owner of the patent, assigns all their rights, title and interest in the patent to the assignee. In South Dakota, patent assignments must be in writing and must be signed by both parties. The assignment should also include a description of the patent and any other relevant information, such as the name of the patent holder, the patent number, and the date of the assignment. The assignment should also mention the consideration, which is the payment or other form of compensation the assignee will provide in return for the patent. Once the patent assignment has been completed, the assignee will have full ownership of the patent and can begin to benefit from their rights as the patent holder.

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