Virgin Islands Checklist For Intellectual Property Audit
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FAQ
An IP Audit is a systematic review of the intellectual properties owned, used or acquired by a business so as to assess and manage risk, remedy problems and implement best practices in IP asset management.
Intellectual property has two categories: industrial property and copyright and neighboring rights. Industrial property includes patents, trademarks and other marks, geographic indications, utility models, industrial designs, topographies of integrated circuits and trade secrets.
? There are two reasons for conducting an intellectual property audit: First, it is prudent for a company to periodically determine whether its intellectual property is being properly protected. Second, it is important for a firm to remain prepared to justify its valuation in the event of a merger or acquisition.
The key forms of intellectual property protection are patents, copyrights, trademarks and trade secrets.
The purpose of doing an intellectual property audit Identify the IP assets ? identified both old and new IP that exists in the organisation and determine whether the IP rights are registered or not. Uncover underutilised assets ? there are usually many IP assets that are not used to their full potential.
