IP can sometimes be the most important asset that an organization, company, or individual has. To claim or assert the full value of such assets, it is necessary to determine the quantity and validity of the intellectual rights. Full ownership of an IP asset permits the full claim of associated IP rights, the right to seek registration, and the ability to enforce or assert legal claims in the IP against third parties. What are the key objectives for good IP management and effective IP due diligence? It starts with identification and ends with a value assessment. Processes and policies need to be implemented to identify claimable intellectual property rights to creative efforts, developments, or new work products. Furthermore, a review needs to be conducted to assess the quality of what is claimable and the ability to assert rights or protect interests under applicable laws. Claims of ownership in IP must be confirmed by assessing the chain of title to any individual asset, from creation or development through exploitation. Often, legal documentation (i.e., written assignment) is necessary to help show chain of title and especially with respect to non-employee personnel retained to create or develop (in whole or in part) the IP. The processes of applying for registration of any IP asset will typically require a written claim or assertion supportable by documentary evidence showing ownership. Moreover, upon confirmation of ownership, it is worthwhile to consider the strength and scope of the IP asset and the ability of related IP laws to protect or enforce associated rights. Does the IP prevent, limit, or hinder a third party from exploiting related technology or conducting related business? The scope of protection will assist in determining the monetary value of the IP, as the exclusivity of the rights is often tied to the ability of the IP to prohibit 80 LAWYER MONTHLY MARCH 2024 others from exploiting related technology without permission. From the point of view of a prospective purchaser or licensee, what are the key elements of good IP management and transaction preparation for a prospective vendor or licensor? Every transaction is different. But like the acquisition of any other property interest or right, it is important in every deal to avoid the potential cost and risks of purchase or license by first reviewing and assessing the value and adequacy of the target IP. You cannot manage or exploit without first knowing what IP Claims of ownership in IP must be confirmed by assessing the chain of title to any individual asset, from creation or development through exploitation.
RkJQdWJsaXNoZXIy Mjk3Mzkz