How can a patent benefit me?
Intellectual property may not be a physical possession that people can keep safe, but that does not mean it cannot be owned by an individual. When individuals come up with ideas and new products that they want to create, they are also going to want to protect it. This is to ensure that their ideas are not being stolen. They should have a right to their own ideas and property. It can seem difficult to protect something that isn’t a tangible item, but there are intellectual property laws that can help with this task. By establishing something as your intellectual possession, individuals will not be able to use it without getting permission from you to do so.
A patent is considered to be a contract between you, the inventor of a product and the government. Through this contract, it grants the property rights for a period of 20 years from the filing date of the patent application. This term does have the ability to be adjusted. With this in place, other individuals will not be able to exploit your idea and benefit from it. It provides protection from these scenarios. In order to make, sell or use this concept, you will need to be asked for permission.
How is a licensing agreement different?
A license is a way for you to have ownership of an idea while you are able to profit off of it. This gives you the right to grant others the ability to utilize, market, manufacture, distribute or sell your work. Your intellectual property needs to be protected just as your physical property is protected. Through obtaining a licensing agreement, it can set standards that are supposed to be followed in order to provide the proper protection that your property needs. These standards can include confidentiality, exclusivity, sublicensing opportunities, territory, time frame, indemnification and royalty specifications. This agreement can include a detailed report of what to expect. You should consider all aspects of the agreement to see if they are satisfying enough for you.
The Law Offices of Richard E. Novak, LLC has over 25 years of experience helping clients through tough times when they need it most. If you need assistance with any intellectual property, traffic violations, or business law matters, our firm is here to help. It is critical that you pick the right attorney who can protect your rights. Contact The Law Offices of Richard E. Novak, LLC for a consultation.