3 Ways IP Lawyers Can Protect Your Patent

Whilst some processes or inventions that are patented and designed to create a specific product that can be used to make a profit, many of the IP patents do not. These are ideas, improvements or discoveries that, on their own, are not designed to produce a marketable commodity. In these situations the creator of inventor of the IP may want to work with other businesses and entities to develop the compact and derive income.

An IP Lawyer can help in designing the right protection for your IP patent. Often this includes licensing the patent to other businesses and companies to use while, in return, you are paid royalties. The benefit to these types of contracts is that the original creator or inventor may choose to continue to maintain exclusive rights to the use of the intellectual property.

Selling The IP
The creator or inventor may not have a requirement that he or she continues to have exclusive rights to the intellectual property. In this situation IP Solicitors can negotiate a fair price for the assignment of intellectual property rights to another individual or company. In some cases a lump sum fee is paid at the time of the assignment of rights or a percentage of future shares may be negotiated.

Know-How Contracts
Often with the licensed use of the IP there is a requirement of additional "know-how" information to be shared with the licensee. This can be supporting information, personal training or computer or technical information in any form. Having a watertight contract that limits the use of the information and protects the licensee from using it outside the terms of the contract will be essential to ensure the IP stays exclusive to the inventor and those approved licensees.

Licensing
When the inventor does not want to develop the IP on their own they can license the use of their information to another company that will exploit, develop and market the invention. These contracts can be restrictive in the use of the IP by companies, locations and over specific time periods. In addition the schedule of payments from the licensee needs to be clearly documented in the contract in the event of a breach or challenge. An IP Lawyer will word the contract to protect the IP as well as your own business interests.

Need advice on patent and intellectual property licensing? Contact us today
For specialist intellectual property advice, contact our specialist IP Solicitors today.

• call (01722) 422300 for FREE initial phone advice or
• email us at  advice@intellectual-property-lawyer.co.uk

 

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