INTELLECTUAL PROPERTY OWNERSHIP AND TRANSFER Sample Clauses

INTELLECTUAL PROPERTY OWNERSHIP AND TRANSFER. The Parties agree that all intellectual property, including but not limited to trademarks, copyrights, patents, trade secrets, software, designs, and proprietary information (“Intellectual Property”), which is owned, created, or otherwise held by the Company, whether in the name of the Directors, the Company, or in any other name on behalf of the Company, shall remain the exclusive property of the Company. The Seller(s) agree to transfer all rights, title, and interest in such Intellectual Property to the Company upon execution of this Agreement, and any such Intellectual Property currently held in the name of any Director or third party directly related to the business of the Company shall be transferred to the Company’s name as per mutual agreement. The Seller(s) further warrant that the Intellectual Property is free from any liens or encumbrances and that the Company shall have full, unrestricted rights to utilize and transfer such Intellectual Property. Both Parties agree to take all necessary actions and execute any required documents to effectuate the transfer of the Intellectual Property.