What are patent rights?

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What are patent rights?

We’re dissolving an S Corporation 50/50 partnership. One settlement offer includes “each party will release each other from all claims and pursue whatever patent rights are available to each party under the law.” How can we both walk away being able to use the same patent? It’s in both our names, along with the company name, which may or may not be discarded. We have attorneys on board.

Asked on August 11, 2012 under Business Law, Hawaii

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Retain a patent law attorney to help you, but  the short answer is, there is nothing particularly tricky here. Whomever is deemed to be the owner of the patent can execute a license to the other, allowing the other full rights to use, exploit, develop, sublicense to others, etc. the patent. It is best to have experienced counsel draft this for you, but there is no reason it should be difficult.


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