Intellectual property can have value in the form of a copyright, trademark, or patent. A copyright is protection for artistic and creative works. The holder of a copyright owns certain exclusive rights in the work, such as the right to distribute, copy, or display the work. A trademark is obtained for a unique and valuable logo, phrase, or mark used in commerce. Trademark law is based on the concept of “substantial similarity”, whereby another cannot use a mark that is substantially similar to another’s registered trademark. Patent law protects inventions or processes with physical or scientific implications. Patent protection, while more difficult and expensive to obtain then copyright or trademark protection, is very broad and exclusive, and provides for severe remedies upon breach.

An Intellectual Property Assignment and License Agreement is a unique agreement. In these agreements, one party is selling to the other the rights to their copyright, trademark or patent. However, since the selling party still wishes to retain the right to use the copyright, trademark, or patent for themselves, they ask for a “license back” to the property. Thus spawns the Intellectual Property Assignment and License Agreement, which in a sense, is actually two agreements in one.

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