A good and comprehensive IP audit is always customized for your business and industry. It can include
reviewing policies and procedures, conducting questionnaires with business personell, identifying status of relevant IP property owed.

Percentage of sales is a way to determine how much a licensee owes in royalties.

Licenses transfer patent rights to a third party temporarily, while Patent Assignment transfers these
rights permanently. With licensing patent rights ownership does not transfer, no matter how much is
paid in fees. Patent assignment agreements permanently transfer ownership.

You may get recommendation not to grant or take a license in cases when you can successfully create
your own IP, when there is a risk of licensing your IP to companies who might lessen the value of
your IP, royalties are too high and may restrict the growth of your business, the IP to be licensed may
be too weak or easy to work around, so it may not be worth investing in a license at all.

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.