An Assignment of Partnership Interest is a legal document that transfers the rights to receive benefits from an original business partner (“Assignor”) to a new business partner (“Assignee”). JavaScript seems to be disabled in your browser. You must have JavaScript enabled in your browser to utilize the functionality of this website. A patent is a collection of exclusive rights over inventions awarded to inventors as appreciation of their hard work. Patent assignment is possible for the complete set of rights or only a part interest. Effective as of the Effective Date, subject to the terms and conditions set forth herein, Assignor hereby sells, transfers, assigns, sets over and delivers% of Assignors 99.9% Partnership Interest in the Partnership (the Partnership Interest) to the Assignee and its respective successors and assigns (the assignment of the Partnership Interest is hereby referred to as the Assignment). The assignment does not necessarily have to be in writing; however, the assignment agreement must show an intent to transfer rights. The effect of a valid assignment is to extinguish privity (in other words, contractual relationship, including right to sue) between the assignor and the third-party obligor and create privity between the obligor and the assignee. For purposes of this Agreement, however, the effective time of the Closing of the transactions contemplated hereby shall be as of 11:59 p.m. Central Time on December 31, 2005 (the "EFFECTIVE TIME").
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