Intellectual Property (IP) pertains to the manifestations of the human psyche like developments, abstract and imaginative works, and images, names, pictures, and plans utilized in business. Now, Intellectual Property is a broad concept that can be further divided into two classes: Industrial property and Copyright. Examples of Industrial Property are brand names, mechanical plans, innovations (licenses) and geographic signs of source, etc; and Copyright includes creative works like books, sonnets, plays, films, melodic works, imaginative works like drawings, canvases, photos, etc.
Intellectual Property is the essence of any organization in this competitive world. Intellectual Property rights ensure the interests of makers by giving them property rights over their manifestations. The most recognizable distinction between Intellectual Property and different types of property is that Intellectual Property is theoretical, it cannot be characterized. It should be communicated in some perceptible approach to be protectable.
What is an IP Audit?
A deliberate survey of an organization’s Intellectual Property resources, all Intellectual Property-related dangers and opportunities can be understood as an IP Audit. IP reviews can help an organization to save, and upgrade, set unused IP to use, identify chances that an organization’s items or administrations encroach another’s IP, and execute best practices. An exhaustive IP audit includes not just a survey of an organization’s Intellectual Property resources, but also the organization’s IP-related arrangements, strategies, and techniques, etc.
Since Intellectual Property Rights are made and characterized by law, Intellectual Property audits are regularly led by an attorney or law officer. An attorney is usually a person who has an expansive scope of involvement and in-depth knowledge in different kinds of Intellectual Properties and Intellectual Property valuation matters.
Intellectual Properties Audits can be either general in nature or be focused around a specific subject. Intellectual Property Specific audits are required when the Company wants to:
- Assess the effect and expected benefit of getting or selling IP
- Evaluate Intellectual Property rights and dangers implying the securing or dispatch of another item or administration
- Evaluate Intellectual Properties rights and dangers implied in venturing into new business sectors or channels of exchange
- Decide if its licensees are consenting to the provisions of a permit;
- Help guarantee that a Research and development program is intended to best catch future business openings;
- Recognize changes associated with receiving another brand name or new item claims and guarantees;
- Evaluate an outsider’s encroachment claims and the potential results;
- Exhibit the organization’s worth to acquire or give financing or venture capital; or
Legislations that Govern Intellectual Properties Rights in India:
The Copyright Act, 1957: The Copyright Act, 1957 ensures unique scholarly, sensational, melodic, and imaginative works and cinematograph movies and sound chronicles from unapproved uses. There is no copyright security for thoughts, systems, strategies for an activity, or numerical ideas in that capacity.
The Patents Act, 1970: The patent framework in India is administered by the Patents Act, 1970, the Rules have been altered occasionally in consonance with the evolving times. A Patent is a legal right given by the Government for a creation conceded for a restricted time frame to the patentee in return for total disclosure of his creation for barring others, from making, utilizing, selling, bringing in the licensed item without his assent.
The Trade Marks Act, 1999: A Trade Mark is prevalently known as a brand name in layman’s language which is a visual image that might be a word signature, name, gadget, mark, numerals, or blend of tones or colors utilized by one specific undertaking so that its products differentiable.
The Geographical Indications of Goods (Registration and Protection) Act, 1999: “geological sign”, corresponding to products, implies a sign which distinguishes such products as horticultural merchandise, characteristic products, or made merchandise that originates, or are manufactured in a specific area.
The Design Act, 2000: Design means just the highlights of shape, setup, design or trimming or structure of lines or shading or blend thereof applied to any article which in the completed article appeal to and are judged exclusively by the eye.
What makes the IP Audit So Significant?
- IP Audits assist organizations in more than one way.
- It helps the organization to distinguish and identify exactly what kind of IP is possessed by the organization.
- They are significant in safeguarding and improving the existing IP and making the most benefit out of it.
- Identifying the existing rights also helps in discovering new opportunities to benefit from IP.
- It helps discover any defects in IP rights.
Ideas, after all, are the most valuable asset that any organization must protect at any cost. Intellectual Property Rights are more valuable than any tangible rights. On the other hand, breaching the IP rights of another can cost you a lot. One must always do business keeping in mind the value of Intellectual Property Rights