Consulting and guidance on buying and selling patents for inventions/utility solutions

Buying and selling patents for inventions/utility solutions not only opens up opportunities to optimize the value of intellectual property, but also increases profits through transfer or licensing. This transaction not only generates revenue but also helps promote development and competition strategies in the market. In the following article, Long Phan will provide you with information related to buying and selling patents for inventions/utility solutions.

Conditions for protecting patent rights/utility solutions

Pursuant to Article 58 of the Law on Intellectual Property 2005, the conditions for protecting invention/utility solution rights are:

1. An invention is protected in the form of a patent if it meets the following conditions:

• New;
• Have a creative level;
• Capable of industrial application.

2. An invention is protected in the form of a utility solution patent if it is not common knowledge and meets the following conditions:

• New;
• Capable of industrial application.

Who has the right to register an invention/utility solution patent?

Pursuant to Article 86 of the Law on Intellectual Property 2005, amended and supplemented in 2022, subjects with the right to register patents for inventions/utility solutions include:

• The author creates a useful invention/solution
• Organizations and individuals invest funds and material facilities for authors in the form of job assignments or hiring. Organizations and individuals assigned to manage genetic resources provide genetic resources and traditional knowledge about genetic resources according to the law. Contract for access to genetic resources and benefit sharing, unless the parties have otherwise agreed or where the agreement is not contrary to law.
• In case many organizations and individuals jointly create or invest to create an invention/useful solution, those organizations and individuals have the right to register and that registration right can only be exercised if all are approved. Those organizations and individuals agree.
• Organizations and individuals with the above registration rights have the right to transfer the registration rights to other organizations and individuals in the form of written contracts, to inherit or inherit according to the provisions of law, including schools where an application has been submitted.

Instructions for buying and selling patents for inventions/utility solutions

According to the provisions of Point d, Clause 1, Article 5 of the Law on Technology Transfer 2017, buying and selling patents for inventions/utility solutions is a form of transfer of intellectual property rights. At the same time, based on Clause 2, Article 138 of the Law on Intellectual Property 2005, Clause 1, Article 58 and Article 59 of Decree 65/2023/ND-CP, steps to guide the purchase and sale of patents for inventions/utility solutions including:

Step 1: The parties buying and selling patents for inventions/utility solutions enter into an agreement to establish a contract to transfer patents/utility solutions. The establishment of this purchase contract will be carried out in accordance with civil law on contracts, based on Clause 1, Article 22 of the Law on Technology Transfer 2017.

Step 2: Prepare documents for registration of patent/utility solution transfer contracts

• Transfer contract registration declaration, follow Form No. 01 in Appendix IV of Decree 65/2023/ND-CP;
• 01 contract (original or certified copy according to regulations); If the contract is made in a language other than Vietnamese, it must be accompanied by a translation of the contract into Vietnamese; If the contract has many pages, each page must have the parties’ signatures or seals;
• Original certificate of protection in case the certificate of protection is issued in paper form;
• Written agreement of the co-owners on the transfer of the patent/utility solution, if the corresponding industrial property rights are jointly owned;
• Authorization document (in case the request is submitted through a representative);
• Copy of fee and charge payment voucher (in case of payment of fees and charges via postal service or direct payment to the account of the state management agency on industrial property rights);

Step 3: Carry out registration of patents for inventions/utility solutions transfer contracts

• The Department of Intellectual Property receives applications;
• The Department of Intellectual Property processes documents. If the dossier has no shortcomings, the Department will issue a decision to record the transfer of industrial property rights; Recorde in the new owner’s Certificate of Protection; recorde in the National Register of Transfer of Industrial Property Rights; and publish the decision to record the transfer of industrial property rights in the Industrial Property Official Gazette.

If the registration dossier contains errors, the National Office of Intellectual Property shall issue a notice of intention to refuse registration of the contract, clearly stating the shortcomings of the dossier so that the applicant can correct the errors or give feedback about the intention to refuse to register the contract.

In case the applicant does not make corrections or corrects errors unsatisfactorily, has no objections or has an unreasonable objection regarding the intention to refuse to register the contract within the set time limit, then The Department issues a decision to refuse to record the transfer.

Step 4: The parties to the contract carry out the remaining obligations recorded in the contract, such as payment obligations.

Consulting services, guidance on buying and selling patents for inventions/utility solutions at Long Phan

Long Phan knows that the transaction of buying and selling patents for inventions/utility solutions is not only an intellectual property transaction, but also plays an important role for businesses to exchange intellectual property values ​​with each other. With the rapid increase in the industrial property market, legally trading inventions or useful solutions will not only help businesses improve their reputation with partners and customers.

Long Phan is proud to provide consulting services and comprehensive support in buying and selling patent rights and useful solutions, helping you easily conduct transactions and optimize the value of your intellectual property. Specifically, our services include:

• Answer all questions related to the process, conditions and legal issues when buying and selling exclusive patents and utility solutions.
• Helps you prepare complete and accurate documents to carry out transactions of buying, selling, transferring or licensing inventions and utility solutions.
• Long Phan submits documents to competent authorities on your behalf and monitors the processing progress to ensure all procedures go smoothly.
• Consulting on transfer and licensing strategies by providing optimal solutions so that businesses can transfer or license the use of inventions and useful solutions effectively, increasing the value of intellectual property.
• Resolve disputes and problems that arise: If there are difficult situations or disputes, Long Phan will assist you in resolving them quickly and effectively, protecting your legal rights.

With a team of experienced industrial property experts, Long Phan commits to accompanying you throughout the process of buying, selling, transferring and licensing inventions and useful solutions, ensuring maximum benefits and protecting intellectual property.  Therefore, when you need advice or support on exclusive patent/useful solution trading services, do not hesitate to contact us via the Hotline: 0906735386.