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Submission + - The Twitter Patent IPA - Will it work

icebike writes: The Register has a story covering the Twitter Proposal for an Innovators's Patent Agreement (IPA) to put an end to endless patent wars. The agreement is meant to be signed by inventors working for corporations, when they assign the invention over to the corporation. The Agreement becomes from that point on similar to a covenant in a real estate purchase, binding on all parties, successors and heirs. The Full Text of the proposed IPA can be found on Github.

The operative portion of the IPA stipulates that "Company, on behalf of itself and its successors, transferees, and assignees (collectively “Assignee”), agrees not to assert any claims of any Patents which may be granted on any of the above applications unless asserted for a Defensive Purpose." It then proceeds to define "defensive purposes".

  It would seem that it would pretty much end any chances of monetizing the patents due to the promise not to use them as a first strike weapon in court, thereby allowing anyone to use the patent without fear of lawsuit.

Will this actually work, and would any companies actually adopt this method of Patent Assignment?

Let's organize this thing and take all the fun out of it.