INDENTIFYING INTELLECTUAL PROPERTY
Intellectual property, often known as IP, allows people to own their creativity and innovation in the same way that they can own physical property. It plays an important role within each business and is a valuable commercial asset.
The owner of Intellectual Property can control and be rewarded for its use, and this encourages further innovation for the benefit of the owners of a business. Intellectual Property plays an important role in our society and therefore understanding, identifying and protecting Intellectual Property is integral for business success.
The four main types of Intellectual Property are:
Patents: for inventions of new and improved products and processes that are capable of industrial application;
Trade marks: for brand identity of goods / services allowing distinctions between different traders;
Designs: for product appearance of the whole or a part of a product resulting from the features of, in particular, the lines, contours, colours, shape, texture or materials of the product itself;
Copyright: for literary and artistic material, music, films, sound recordings and broadcasts, including software and multimedia.
Intellectual property rights are plainly assets. They have value, and they can be bought or sold. It is important to get the right advice to ensure your assets are protected.
Once your assets are protected you can commercialise that Intellectual Property and can enter into licence agreements and sale agreements for commercial gain. It is important that when dealing with intellectual property that you have clearly documented contractual agreements. In many cases, but not always, a contractual agreement will be able to override any provisions in Intellectual Property law that might conflict with what is to be agreed between the parties.
A contractual agreement is especially important when you have commissioned someone else to create Intellectual Property. Without the right agreements you may not know whether you are licensed to use the Intellectual Property or even own that Intellectual Property. In every case, general provisions in law about what contractual terms are acceptable need to be considered carefully as well as the nature of the Intellectual Property that is the subject of the contract. In particular, competition law and company law may be relevant.
Getting the right advice before a dispute arises ensures that not only is the Intellectual Property correctly identified, but ownership of Intellectual Property is clearly established. Catherine Wallace at Wallace Law Group can assist you and your business protect its intellectual property rights. 1300 011 123 team@wallaceweir.com.au
