Let Specialist IP Solicitors Help You Exploit Your Patent - By: Tim Bishop

Even if you have registered a patent or are making use of any type of intellectual property protection you do not have to produce a result. However, this protection might have time limitations so it makes sense to try and make the most commercially from it - even if this means teaming up with someone else or another company.

One way to exploit a patent and ensure you take it to market promptly is to license others to exploit the technology, manufacturing items that benefit from your discovery and paying you a royalty fee based on sales. Although the exclusive rights rest with the inventor, they may not be able to exploit the discovery alone, and it may be that developments made by others are instrumental in creating the market for the new invention.

If this happens, there are several things you can do. Firstly, the inventor could sell the entire patented invention either for a lump sum or a share of future profits - in the business, this is known as assignment of rights.

Alternatively, it may be possible to license your intellectual property. A license, drawn up by specialist IP lawyers, is a legal agreement whereby the inventor allows other parties to exploit, manufacture or otherwise develop the original invention. The agreement might restrict the licensee's activities to a particular geographical area, or a specific business sector. The licensing agreement should make clear the method by which the licensee will make payments to the inventor, and over what time period the license agreement is scheduled to be valid.

Thirdly, there is a know-how contract. This could be on top of or as well as a license and it specifies the terms by which the inventor will give another party his knowledge. Know-how can often be tangible and can include useful industrial information such as diagrams, architectural drawings or client records and job descriptions. A big issue with know-how contracts is the prevention of someone newly introduced to the information, from going on to share it with other people that they are not authorised to pass it to.

In all of the above situations, it is advisable to get expert intellectual property advice from specialist IP lawyers. They will help you to choose the best way to ensure your development is protected, draw up agreements to share and exploit your invention and also make sure that any legal contracts will hold their own in court if that becomes necessary in future.

About the Author

Tim Bishop is senior partner at Bonallack & Bishop, a legal firm with a team of specialist IP Lawyers (http://www.intellectual-property-lawyer.co.uk ) experienced in providing intellectual property advice. He has grown the firm by 1000% in 13 years and has plans for continued expansion, seeing himself as a businessman who owns a law firm.

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