Intellectual property rights refer to all your rights associated with anything you have created from your innovation, creativity, and original ideas. If these ideas possess economic value, you can protect them legally under the Intellectual Property Law.
Intellectual property protection is designed to ward off anyone else from taking your creation or idea and using them to make profits unless they obtain permission to do it. The question of how to protect your intellectual property depends upon the kind and nature of your property. If you are a resident of Australia and want to protect your intellectual rights, you can find such protection under the Intellectual Property Law Australia.
What are Intellectual Property Rights?
Traditional intellectual property rights are broadly classified into designs, trademarks, patents, and copyrights. Recently, domain names and trade secrets have also been added to the intellectual property rights in Australia. However, they are not governed by their own legislative framework.
Protecting your intellectual property from all kinds of infringements is a must. Here’s how you can do it.
Register your Intellectual Property Rights
As a company, you can protect your core management and R&D operations by registering intellectual property rights. This factor also puts you in a better bargaining position in case of counterclaims, cross-licensing, and other legal disputes. These rights and registrations let a company obstruct competing goods, dissuade new entrants, and mark their own identity and autonomy.
Different types of intellectual properties like copyright, trademark, and patent can be registered by law. Registering such rights not only protects them from infringement but also gives a strong recognition to your brand.
Contact the IPR Experts
You can get in touch with an intellectual property rights expert and seek help in searching and licensing to ensure that your property remains secure. The money you spend on your intellectual property cannot be spent on marketing, manufacturing, or any other aspect. Hence, it is essential to consider why you are defending it.
It is because this helps you to prevent anyone from copying your original creation. Securing your intellectual property also brings value to your business if you have future plans of selling it. Moreover, if you want to license your property to a third party, it becomes easier for them to rely on you if you have registered and protected property.
Draft Non-Disclosure Agreements
Another efficient way to protect your intellectual property right is by drafting a non-disclosure agreement with the help of an intellectual property rights attorney. When you contact a legal agent, they help you prepare concise and ironclad agreements.
Apart from drafting non-disclosure agreements with your attorney, ensure that all the other contracts such as licenses, job contracts, and distribution contracts aid in protecting your intellectual property.
Do not Engage in Joint Ownership
If you want to protect your intellectual property rights from infringers, we strictly advise you not to engage in joint ownership for such rights. It is always beneficial that you have sole control and autonomy over your rights.
Joint ownership of intellectual property rights leads to a lot of confusion. You may as well face exploitation of your property or legal issues threatening your assets’ security, hence causing harm to your reputation in the market.
Your intellectual property acts as an asset for your business. Apart from increasing your brand value, it also signifies the amount of creativity and innovation you put into designing your product or service. Whether it is a product, design, logo, literary work, domain name, or others – they need to be protected. We hope that the above-listed tips and instructions help you make a sound decision about how to protect your intellectual property.