Overview of Business Name Assignment Agreement

 

What is this document?

A Business Name Assignment Agreement is a legal document where one party assigns, or transfers, their business name or trademark to another party.

 

When would I use this document?

A Business Name Assignment Agreement would be used when one party is selling its business to another party, or a party is taking over another party’s business.

 

Who signs this document?

A Business Name Assignment Agreement is signed by the party assigning the business name (the assignor), and the party who the business name is being transferred to (the assignee).

 

More details about this document

A Business Name Assignment Agreement is generally a one-sided basic short-form agreement in favour of the assignee. It confirms that the assignee will be the legal owner of the business name.

The name being assigned can be a registered or unregistered business name, domain name or a trademark.

If some of the rights are not assignable for any reason, the assignor will generally grant a license for the assignee to use those rights.

An assignor will want to ensure that a strict payment clause is included in the Business Name Assignment Agreement, or in the related sales agreement.

An assignee will want to ensure that they receive all rights to the business name being assigned, and that the assignor does not attempt to file a claim against them for rights to the business name.

 

What are the core elements of this document?

The core elements of a Business Name Assignment Agreement include: Transfer of Rights; License to Rights; and Release.

Additional clauses could include: Payment; Entire Agreement; and Governing Law.

 

Related Documents

Nondisclosure/Confidentiality Agreement – an agreement that protects confidential information.

Intellectual Property Transfer, Assignment and Release – an agreement that transfers the intellectual property from one person to another.

Share Purchase Agreement – agreement governing the sale of shares.

Asset Purchase Agreement – an agreement for the sale of the assets of a business.

 

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This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

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