How to Sell Your Patent

Do you want to hear about how to make money selling patents? Here is your complete guide! (More FREE resources below...)⏬

Registered USPTO patent attorney, J.D. Houvener from Bold Patents Law Firm, share's how to sell your patent!

Below we have provided resources and timestamps with brief explanations for each step of how to sell your patent.

Quickly find what you are looking for by clicking on the timestamps below.

Timestamps for important areas of this video are located below along with a detailed blog article that I wrote that goes into this topic even more in-depth.

➡️ 0:34 STEP 1: Identification of the Parties

✔️ When you are looking to negotiate a sale of a patent you have to know who you're dealing with.
✔️ A company has many moving parts, and you are going to want to know who has the right to make, use, sell, or import the invention.
✔️ It's important to consider the party's intentions. Your contract has to clarify who is giving up what.

➡️ 1:55 What rights do you have once you acquire the patent?

✔️ In the contract, you want to specify "Look at exhibit A" with the Patent Publication Number
✔️ Each party needs to inspect and confirm the scopes of the claims that you specified in your agreement.
✔️ The following are the scopes of the claims: patent publication number, serial numbers, and dates that are associated with the conveyance
✔️ The actual rights are not going to be listed in the contract at all.

➡️ 2:55 STEP 2: Purchase

✔️ Prior or existing licenses might exist from Party A [seller]. That needs to be checked and cleared with Party B [buyer].
✔️ If party B is going to be a non-exclusive licensee that needs to be cleared upfront. That means they are not going to be the only one that gets to make use or sell the invention.

➡️ 4:14 STEP 3: Price

✔️ Patents can be sold in terms of a lump sum, (received upfront) and received over time.
✔️ Contingency payments are when you receive money via royalty if and when a product is sold.
✔️ If it's about the revenue you have to be more specific; I.e. gross revenue, or net revenue.
✔️ Gross revenue is easy to calculate, net is more specific.

➡️ 5:29 STEP 4: Recordation at USPTO

✔️ Recording the assignment helps to publish the information that that any other competitor that may need to look at this later in litigation can have the record preserved.
✔️ It's also useful for making sure that deals get done and its a clear and transparent transaction.

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Sorry, occupational hazard: This is not legal advice, nor can I give you legal advice. I AM NOT YOUR LAWYER. Sorry! Everything here is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Nothing here should be construed to form an attorney-client relationship. All non-licensed clips used for fair use commentary, criticism, and educational purposes. See Hosseinzadeh v. Klein, 276 F.Supp.3d 34 (S.D.N.Y. 2017); Equals Three, LLC v. Jukin Media, Inc., 139 F. Supp. 3d 1094 (C.D. Cal. 2015).