Assignment of Patent Hypothetical by Team 2

Mr. Ram Gopal Verma (herein after referred to as assignor), 58 years of age, a Business
Tycoon, residing in Pali Hill, Mumbai, 422333, India. He is the owner of RO (Reverse Osmosis)
Water Purifier manufacturing company called Drinkit. The assignor has invented a special kind
of technology for their RO systems which uses a layer of copper inside the RO Water Purifier
that helps in ionizing the water, thereby making the water healthier and safer for its customers.
This RO also displays the ph value of water and provides water as per the intended use of its
customer such as for drinking, washing fruits and vegetables, beauty water for skin etc. The
assignor has individually applied to the Controller of Patents (“CoP”), Government of India by
virtue of application number AMOIJ2844/C26 on 10th February 2022 in order to obtain
registration of patents over the invention in his own name. However, after the grant of patent (for
20 years) one month after the date of application, the assignor wishes to assign his patent to
other party due to the heavy demand of RO in the market.

Mr. Sanjay Leela Bhansali (herein after referred to as assignee), 63 years of age, another
Business Tycoon, residing in Bandra West, Mumbai, 422335, India, is the owner of the similar
kind of company as that of assignor called as Ment RO. The Assignee agrees for acquiring 50%
(fifty per cent) rights, title, ownership, and interest in the Patent over the Invention and the
agreement was signed on 25th March 2022 by both the parties. The assignee shall pay to the
assignor one time consideration of Rs.10 Crore for becoming the joint owner of the patent over
the invention. This consideration has to be paid within 2 years of date of agreement in lumpsum
or in instalments by the assignee.

Both the parties can manufacture the RO Water Purifier using the above technology after the
agreement becomes effective. The assignor also warrants that he has the authority to enter into
this agreement and is the sole owner of the invention. If the invention or any application is found
to infringe on a third party’s rights the Assignor takes all responsibility for infringement,
promising to pay all expenses and costs relating to the claim.

Parties shall not have any right to terminate the Agreement either by future contractual
arrangement or by operation of law. And in case of any dispute arising out of the agreement
regarding representations, obligations, between the parties the same shall be resolved by
Arbitration and the decision shall be final and binding on both the parties.
Draft a Patent Assignment Agreement incorporating the requirements of the parties.

Team 2 Members:

o Aryan Jain 2019BALLB118

o Pankaj Singh 2019BALLB53
o Ajit Jaiswal 2019BALLB83
o Nripraj Singh 2019BALLB117
o Suyash Pandey 2019BALLB41
o Divyanshu Baraiya 2019BALLB17