What is Copyright?
Copyright is a type of Intellectual Property Right Protection that help to protect the intellect of human creation. Copyright law provides exclusive and monopoly right to the creator/ author/owner of ‘original’ literary, dramatic, musical, artistic works, cinematograph film. Computer software is considered literary work; hence it is also protectable under copyright.
How to sell copyright?
After successful A copyright registration the copyright owner can assign his/her current work to a third party in return of onetime payment or royalty. For eg- An author is writing a book and once completed and fixed in a tangible format, assigns the right to sell the printed copies of his book to a publisher.
Legal requirements to assign a copyright
Under section 19 of copyright Act lays down the legal requirements to assign a copyright:-
No assignment of the copyright in any work shall be valid unless it is in writing signed by the assignor or by his duly authorised agent
The assignment of copyright in any work shall identify such work, and shall specify the rights assigned and the duration and territorial extent of such assignment.
The assignment of copyright in any work shall also specify the amount of royalty payable, if any, to the author or his legal heirs during the currency of the assignment and the assignment shall be subject to revision, extension or termination on terms mutually agreed upon by the parties.
Where the assignee does not exercise the right assigned to him under any of the other sub-sections of this section within period of one year from the date of assignment, the assignment in respect of such rights shall be deemed to have lapsed after the expiry of the said period unless otherwise specified in the assignment.
If the period of assignment is not stated, it shall be deemed to be five years from the date of assignment.
If the territorial extend of assignment of right is not specified, it shall be presumed to extend within India.
Nothing in sub-section (2) or sub-section (3) or sub-section (4) or sub-section (5) or sub-section (6) shall be applicable to assignment made before the coming into force of the copyright (Amendment) Act, 1994.
The assignment of copyright in any work, contrary to the terms and conditions of the right already assigned to a copyright society in which the author of the work is a member, shall be considered void.
No assignment of copyright in any work to make a cinematograph film, affect the right of the author of the work to claim an equal share of royalties and consideration payable in case of utilisation of the work in any form other than for the communication to the public of the work, along with cinematograph film in a cinema hall.
No assignment of the copyright in any work to make a sound recording which does not form part of any cinematograph film shall affect the right of the author of the work to claim an equal share of royalties and consideration payable for any utilisation of such work in any form.
Documents required for the sell
The transfer or sale of copyright is normally done through contracts, as copyrights can only be “assigned” by the execution of a written document signed by the copyright owner. Essentially, all that’s required to transfer or sell your copyright is that you put the details of the agreement in writing. Similarly, copyrights can be bequeathed in a will or trust after the copyright holder’s passing. Again, this is done in writing by way of the copyright holder’s legal estate planning documents.
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