What Intellectual Property Theft Means and Why You Should Care

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Post on 18-Feb-2017

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What Intellectual Property Theft Means and Why You Should Care

The term intellectual property refers to a wide variety of holdings. It can refer to a company or individuals trade secrets, trademarks, patents, copyrights, and proprietary products. With the rise of technology, theft of intellectual property has become more rampant and widespread.

Legal Protection

The United States has many laws that protect intellectual property. For example, there are U.S. statutes that make it illegal to infringe upon a patent, copyright, or trademark. Similarly, the United States has laws against the misappropriation of trade secrets. Once you create or acquire any type of intellectual property that you intend to monetize, it may be advantageous to file for official intellectual property protection. Registering a patent, trademark, or copyright may entitle you to more damages should it be infringed upon, and such protection gives presumptive nationwide notice to others.

Unfortunately, intellectual property theft often takes place abroad where it is more difficult for law enforcement to pursue and enforce U.S. intellectual property laws.This problem is compounded by the fact that most intellectual property rights are territorial and limited to the jurisdiction that they were registered in.

How Can an Intellectual Property Attorney Protect Your Intellectual Property?Hiring an intellectual property attorney can give you peace of mind that your intellectual property is properly protected. An intellectual property attorney can conduct periodic audits of your intellectual property assets to ensure that your intellectual property portfolio is up-to-date. They can also make sure that you have well written non-disclosure agreements in place to protect your intellectual property assets.When necessary, an intellectual property attorney can draft agreements for you when you need licenses, sales contracts, technology transfers, master purchase agreements, or any other relevant contracts.

Intellectual property attorneys also have the experience and expertise necessary to draft proper contract provisions that address liabilities and their limitations, warranties, disclaimers, indemnity, and other contract provisions that will protect you.

Lastly, intellectual property attorneys have expertise in foreign intellectual property transactions. They can assist you with foreign searches, registration, and litigation when necessary.