An increasingly valuable asset for many businesses is its intellectual property. Intellectual property can include trade secrets, patents, trademarks, copyrights, codes, formulas, and licenses for and to use all of the foregoing. Unlike tangible assets that you can see, the use, transfer, disclosure, licensing, and protection of these assets is much more complex and requires professional expertise.
Some considerations relating to intellectual property transactions include:
- Valuation. Auctions, appraisals, consultants, and brokers can help value the asset.
- Due Diligence. Ownership authenticity and transferability should be secured.
- Licensing. Investigation into the rights, use, exclusivity, and duration is required.
- Non-Disclosure Agreements. Appropriate protections should be required.
- Joint Development or Use. Agreements should protect both parties’ intellectual property, the jointly develop intellectual property, and address who may use or license the result.
- Shelf Life. The value of some intellectual property can quickly depreciate or disappear.
- Warranties. Representations should be enforceable and backed up by insurance.
- Patents, Trademarks, and Copyrights. The extent of protection or enforcement.
- International Protections. The extent of protection or enforcement of intellectual property protections outside of the United States.
- Trade Secrets. Many laws protect trade secrets, but owners must do their part.
Protecting, selling, buying, licensing, and developing intellectual property is predicted to become an increasingly important and valuable part of almost any business and business transaction. The attorneys at Brooks, Tarulis & Tibble, LLC can asset you with intellectual property issues and direct you to the best professionals when appropriate. Please contact us with any questions or concerns.
