Business owners, investors and bankers consider Intellectual Properties and the products associated with those Properties to be both intangible and tangible assets. Because these assets are the lifeblood of many companies, it is wise to use a seasoned professional to prepare your Intellectual Property agreements.
Cloud Intellectual Property Contracts
With the intent of saving money, sometimes a business drags a contract for intellectual property out of the Cloud. On rare occasions, the Cloud strategy may be adequate for the business. (This is especially true if the agreement is never challenged.)
If, however, you pull a contract off the Internet and it IS challenged, you may find yourself in an expensive legal quagmire. More importantly, you may lose the challenge along with your rights to your Intellectual Property.
Patents, Trademark and Copyright Agreements
When Intellectual Property contracts are prepared, each genre has its own eccentricities. For example:
- Contracts associated with Copyright rights frequently include the phrase “all rights reserved.”
- In many jurisdictions, the sale or license of Trademark rights must also include the goodwill associated with the Trademark.
- License agreements flowing from Patent rights should generally include royalty milestones, among other things.
Intellectual properties are unique and the facts associated with each Intellectual Property agreement are also different. A well-drafted contract takes time and expertise to prepare properly. This is not a “one-size-fits-all” legal situation.
What if something goes awry with the Cloud Agreement?
Having a knowledgeable, experienced patent attorney draft your agreement will reduce the number of questions that arise during a challenge — and will provide you a resource with the knowledge of your intellectual property should the need arise. Without the benefit of counsel it may be up to you to answer these questions:
- Who will the tribunal hold is the drafter of the contract?
- Can the contract be amended?
- Is it possible to settle?
- Will the parties mediate, arbitrate or litigate?
- Which law controls the agreement?
- Where is the jurisdiction and venue for any dispute?
You can hire an attorney after the fact to help you answer these questions, but it will be much more cost-effective to address these inside the original contract. Doing so will help keep your Intellectual Property secure with a defensible contract that is less likely to be successfully challenged.
The Best Solution
Many of the pitfalls associated with the preparation of Intellectual Property agreements can be avoided by using a seasoned patent attorney who is familiar the many different nuances associated with Patent, Trademark and Copyright agreements.
Contact Business Patent Law, PLLC and we will discuss the types of agreements you will need for your Intellectual Properties.
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