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5 things you need to know about How to Protect your Intellectual Property
- Registering your business trade marks and patenting inventions are two common ways to protect a business’s intellectual property. However, intellectual property can extend to trade secrets and confidential information, which should also be protected as far as possible.
- You need to protect your business’s intellectual property from use by departing employees. It is important that your employment contracts set out the employee’s obligations with regard to IP, both during and after employment. If you are not sure whether your employment contracts are up to scratch, get them checked by an employment lawyer.
- Trade secrets can be lost if businesses do not protect themselves when dealing with partners, customers and suppliers. Often, it is necessary to provide confidential information to a potential customer or supplier to secure a deal. It is vital to protect that IP as far as possible in such situations.
- The first step is to sign a confidentiality agreement. If you proceed to conduct business with the other party, the next contract can deal with the intellectual property in more detail, for example, whether the intellectual property that is created is assigned (sold) or licensed to the other business.
- If your intellectual property has been copied or stolen by a competitor, you should consider taking legal action. The first step may be a cease and desist letter to stop them from using your intellectual property. An IP lawyer will be able to assess your situation and determine whether you have a good case.
