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You are here: Experts > Science > Inventors > Inventing New Products/Inventions > sell rights to third party
Expert: Penny Ballou - 10/21/2009
Question
Dear Penny,
I have read your advices on the subject of patents, and I am, myself have a question which is not related to patents, but IPr and shareholding. I and my partner entered a contract while ago, where I own 50% of equity share of visual collection, valuation of $2 mln and with time it has all chances to increasing in value, especially on the licensing deals side.
I have difficulty to resolve situation with a goodwill and planing to sell my rights to the third party. Would you be so kind to advice me what chances are to find a buyer, if the partner hold full ownership of IPr? any information would a help...
Answer
Hello Helen,
You asked 1-3:
1. I have a question not related to patents, but IPr and shareholding.
a) Is your definition of IPR, "Intellectual Property Rights?" If so let me mention I have no
knowledge about Ukraine contract law so I may not be the best person to answer your question intelligibly.
2) I and my partner entered a contract while ago, where I own 50% of equity share of visual collection, valuation of $2 mln and with time it has all chances to increasing in value, especially on the licensing deals side.
a) I would be looking to the Contract you both signed for an answer. Is there an exit or a transfer (shares) clause in it?
b) Was the intellectual property transferred to the company you have shares in before you signed a partnership agreement? If not, I'm not sure what you have to sell?
3)I have difficulty to resolve situation with a goodwill and planing to sell my rights to the third party. Would you be so kind to advice me what chances are to find a buyer, if the partner hold full ownership of IPr?
a) There's always a chance since you bought into it.
b) Is there a clause stipulating your partner must be given “first right of refusal?” (you can’t sell/transfer your shares before giving he/she an opportunity to buy you out first).
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I could keep speculating but my suggestion would be to find someone familiar with Ukraine contract law to help answer your issues.
Regards,
Penny Ballou
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