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Company A has developed product incorporating owned intellectual property. Can Company A sell intellectual property rights for this product for Company B just for defined geographic region (for example Vietnam)? Is it relevant if Company A is an EU entity?

UPD. Looks like I need licensing for defined region. Actually company B is asking company A customize product that company A is developing in general according regulations in specified region. Company B is planning to buy this product from A. I need to create development agreement for this purpose in which I'm planning license IP to company B. Would you help me with sample agreement or any other resource that could help me describe section regarding IP in this document.

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"Selling" generally means a complete transfer of property interest in exchange for something. You can completely transfer / sell IP to company B, but then they become the absolute owners of the IP, and thereafter you no longer have a legal interest in that IP anywhere. B would not be restricted to a particular purpose or location, or time: it is now theirs. To do what you describe, you do not want to "sell" the IP.

You can license the IP to B, for money, and one of the provisions could be a specific market, or, for a particular period, or whatever else you can agree to. That license can be exclusive (meaning that only B can use the IP in that area / period), or non-exclusive (meaning that you could also market the product yourself, or you could license the right to someone else in that same area / period).

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IP is, first and foremost, property and you can do whatever you like with your property. This includes, licensing its use in only specific regions (books and pharmaceuticals are commonly done this way) and for specific periods of time. This is generally applicable across all jurisdictions that recognise IP rights.

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