AGREEMENT TO SELL PATENT RIGHTS





THIS AGREEMENT made on this _______ day of __________between Sh.______________ S/o Sh._________ r/o ________________________ hereinafter referred to as "the patentee" (which expression shall unless contrary to the context or meaning thereof including his successors, executors, administrators, legal representatives and assigns) of the one part.

AND

Sh. _________________S/o Sh._________ r/o _______________ hereinafter referred to as "the assignee" (which expression shall unless contrary to the context or meaning thereof including his successors, executors, administrators, legal representatives and assigns) of the other part.

The patentee and the assignee hereinafter collectively referred to as the "Parties".

WHEREAS

1. The patentee being inventor of _________ and holding patent rights (more specifically stated in schedule I hereto) in exclusively manufacturing/marketing of products of several descriptions/sizes in using the patented process.

2. The assignee has approached the patentee in buying all rights/interests of the patentee relating to the said patent rights. The patentee has consented to vend those rights to the assignee on terms/conditions hereinafter appearing.

NOW IT IS HEREBY CONSENTED AS FOLLOWS:

Agreement to Assign

That in consideration of a sum of Rs.__________ (the patentee hereby acknowledges its receipt) to payable by the assignee to patentee and a further payment of Rs._______, the inventor shall vend to assignee all his rights/interests with concerning the said patent rights.

Deed of Assignment

The patentee shall be executing an assignment deed and do all things as may be compulsory in vest owing said patent rights in the assignee.

Patentee’s Agreement

The patentee hereby agrees that, per assignment of patent rights to the assignee, he shall correspond all progress made by him in said invention to assignee and shall help assignee for doing all acts, deeds/things compulsory for procuring a patent for such progress which shall be bestowed in the assignee on the same term/conditions as if such progress had formed potion of original invention.

Assignee’s Agreement

The assignee hereby agrees that, per assignment of patent rights to him, he shall not doing anything effecting of resulting cancellation of said patent rights and shall, in the eventuality of such revocation, pay to patentee as liquidated compensation, the sum of Rs. _________, respectively.

IN WITNESS WHERE OF, the parties hereto have signed this Agreement on the day and year first here-in-above written.

(the schedule I hereinafter referred to)

The Patentee

The Assignee

Witness: