Quit Claim Royalty Deed
Quit Claim Royalty Deed
I. Introduction
This Quitclaim Royalty Deed ("Deed") is made and entered into this [DATE], by and between [Your Name], hereinafter referred to as the "Grantor," and [Grantee's Name], hereinafter referred to as the "Grantee."
II. Background
Whereas, the Grantor is the current owner of certain intellectual property rights, specifically [brief description of the intellectual property rights, e.g., patents, copyrights, mineral rights, etc.], hereinafter referred to as the "Intellectual Property"; and Whereas, the Grantor desires to transfer and release any of its rights, title, and interest in and to the Intellectual Property, including but not limited to any future claims to royalties arising therefrom, to the Grantee;
III. Agreement
Now, therefore, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. Transfer of Rights
The Grantor hereby transfers, conveys, and quitclaims unto the Grantee all of its right, title, and interest in and to the Intellectual Property, including without limitation any royalties or other income derived therefrom.
2. Release of Claims
The Grantor hereby releases and forever discharges the Grantee from any claims, demands, causes of action, suits, debts, liabilities, damages, costs, and expenses whatsoever, whether known or unknown, arising out of or in any way related to the Intellectual Property or the royalties therefrom.
3. No Representations or Warranties
The Grantor represents and warrants that it is the lawful owner of the Intellectual Property and has full power and authority to transfer the same to the Grantee. However, the Grantor makes no other representations or warranties, express or implied, regarding the Intellectual Property or the royalties therefrom.
4. Governing Law
This Deed shall be governed by and construed by the laws of [insert governing jurisdiction].
5. Entire Agreement
This Deed constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether written or oral, relating to such subject matter.
6. Severability
If any provision of this Deed is held to be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect any other provision of this Deed, and this Deed shall be construed as if such invalid or unenforceable provision had never been included.
7. Confidentiality
The terms and conditions of this Deed shall be treated as confidential by both parties hereto and shall not be disclosed to any third party without the prior written consent of the other party, except as may be required by law.
8. Execution
This Deed may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute the same instrument. This Deed may be executed and delivered by facsimile or electronic transmission, which shall be deemed an original.
IN WITNESS WHEREOF, the parties hereto have executed this Deed as of the date first above written.
[YOUR NAME]
[DATE SIGNED]
ACCEPTANCE
The Grantee acknowledges receipt of this Quitclaim Deed and accepts the conveyance of the properties subject thereto.
[GRANTEE'S NAME]
[DATE SIGNED]
IV. Notary Acknowledgement
State of [State]
County of [County]
On this [DATE], before me, the undersigned Notary Public, personally appeared [Your Name] and [Grantee's Name], known to me to be the persons whose names are subscribed to the foregoing instrument, and acknowledged that they executed the same for the purposes therein contained.
Witness my hand and official seal:
[NOTARY PUBLIC NAME]
My Commission Expires:
(Notary Seal)
