IP is one of the most complicated areas of law and is muddled with deadlines that if missed can result
in a loss of rights. The worse things that can happen to an inventor is seeing a copy of his
invention being used by a competitor. In such cases it is crucial to have a recourse by owning IP rights.
Owning IP is essential when looking for investors and capital.

Trademarks are used for branding of products and services like names and logos that distinguish
products produced by one company from another, and distinguishing service providers.
Patents are used for technology (designs, goods and processes) inventions and discoveries.
Copyright provides protection to authors of “original work of authorship” for literary such as poetry and novels, dramatic,
musical, movies, songs, computer software, architecture, artistic, and certain other intellectual works.

An IP license may provide Licensee with the ability to get its products or services to a market in less
time, a reduction in costs and access to expertise, collaboration and the opportunity to minimize
capital investment, generating revenue.

An intellectual property or IP licensing agreement is between an IP rights owner (licensor) and person
or company that is authorized to use the rights (licensee) in exchange for a fee or a royalty. The two
parties negotiate and agree on the terms and conditions. IP license covers patents, copyrights and
trademarks. It also extends to trade secrets and unfair competition.

No matter how common or simple your business might be, you should seek a legal counsel because ignorantia juris non excusat (ignorance of a law is no excuse) both in regards to state and federal law.
Whether you are starting new business venture or negotiations, or your existing contract agreement has been violated, a help of a legal professional can save you stress, and help avoid costly mistakes.

1. Double check your facts. Re-read carefully your contract. Mark items that have been breached.
2. Contact the offending party. Try to resolve the dispute directly with them.
3. If it does not work, seek legal counsel.

Definition of due diligence:
1. law : the care that a reasonable person exercises to avoid harm to other persons or their property
failed to exercise due diligence in trying to prevent the accident
2. business : research and analysis of a company or organization done in preparation for a business transaction (such as a corporate merger or purchase of securities)