West Virginia Checklist for Intellectual Property Audit
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FAQ
Not only will an IP audit help identify potential trade secret information but can also help solidify secrecy of that information. An IP audit can help ascertain whether your business is taking reasonable steps to prevent disclosure of proprietary information by employees, vendors and business partners.
An intellectual property (IP) audit is a tool for identifying your potential IP assets. Ideally an audit should be carried out by professional IP auditors, but often a preliminary audit can be done in-house, within your company. Through an IP audit you can make an inventory of your potential IP assets.
Copyrights, trademarks, patents, and trade secrets are the four primary types of intellectual property protection.
Patents, trademarks, copyrights, and trade secrets are valuable assets of the company and understanding how they work and how they are created is critical to knowing how to protect them.
The purpose of doing an intellectual property auditEvaluate the assets determine whether they are important or not. Establish ownership establish whether the organisation or a third party owns the IP assets.
How to conduct an IP auditnature/description of the asset.how it works and how it is used.its stage of development (e.g. proof-of-concept, prototype, trials etc.)the owner of the IP asset and any problems that exist with ownership.the inventors, creators or authors.when and how the asset was created or acquired.More items...?
IP due diligence is essentially an audit to assess the quantity and the quality of intellectual property assets owned by, or licensed to, a company, business or individual. It should also include an assessment of how intellectual property is captured and protected by the relevant company or business.
Patents, trademarks, copyrights, and trade secrets are valuable assets of the company and understanding how they work and how they are created is critical to knowing how to protect them.
An IP audit needs to be taken to address any possible infringement or freedom to operate issues linked to new product development and launch of such a product on the market. - IP licensing A potential licensor has to ensure, for example, that it actually owns the IP that is sought to be licensed to others.
