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An intellectual property assignment agreement is a contract that transfers rights to intellectual property from the creator to another entity such as a holding company. This ensures that the startup owns the IP, not the founders or any other third parties. Founders typically create IP individually or as a group, then incorporate companies to commercialize the IP. The Clara IP assignment agreement transfers ownership of IP from the creator to the holding company, with an exchange of value for the transfer. This agreement is crucial for protecting the IP developed for the startup, as it provides value to the holding company.