A patent is a grant of a property right by the Government to an inventor. The United States Constitution gives Congress the right to provide for patent protection in legislation in order to encourage useful inventions. The patent itself provides a detailed description of the invention, and how it is used or how to make it. Thus, if you obtain a patent you cannot keep the matter secret, which is the province of Trade Secret Law. A patent enables the owner to exclude others from making, using or selling the invention for the life of the patent.
Kentucky Assignment of Rights in Invention Prior to Execution of Application refers to a legal agreement where an inventor assigns their rights to an invention to another party before filing a patent application. This assignment ensures that the assignee retains all rights to the invention and can proceed with the patent application process. In Kentucky, there are two main types of Assignment of Rights in Invention Prior to Execution of Application: 1. Exclusive Assignment: This type of assignment grants the assignee exclusive rights to the invention, meaning that the inventor no longer has any control or ownership over the invention. The assignee can freely pursue the patent application, protect the invention, and exploit its commercial potential. 2. Non-exclusive Assignment: In this type of assignment, the inventor retains some rights to the invention, alongside granting limited rights to the assignee. This means that while the assignee has the right to pursue the patent application and commercialize the invention, the inventor may also independently develop and exploit the invention or assign rights to other parties. The Kentucky Assignment of Rights in Invention Prior to Execution of Application is typically executed through a written agreement between the inventor and the assignee. The agreement should include specific details, such as the invention's description, the rights being assigned, any compensation or royalties involved, and the period of assignment. It is crucial for inventors in Kentucky to understand the implications of assigning their rights prior to executing a patent application. They must carefully consider the potential benefits and drawbacks before entering into such agreements. Consulting with a qualified intellectual property attorney is highly recommended ensuring legal compliance and protection of their interests. Keywords: Kentucky, Assignment of Rights, Invention, Execution of Application, patent, inventor, assignee, exclusive assignment, non-exclusive assignment, patent application, commercialize, intellectual property.
