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Best Practices for Protecting Your Intellectual Property

A company has created a new invention or work, and a competitor simply copies it and makes a profit. Such imitation can cost businesses millions. In this article, we will analyze how to properly protect intellectual property.

Does Protecting Your Intellectual Property Matter?

Intellectual property is the right to use the results of intellectual work. It is enshrined at the legislative level and can belong to both individuals and legal entities. The peculiarity of the intellectual property lies in the fact that, in addition to real property, it also has a potential value, which lies in the ability to make a profit after the implementation of ideas. It follows that if an organization wants to make a profit, it needs to protect its intellectual property.

What Are the Key Practices for Protecting Intellectual Property?

There are several obvious ways to protect intellectual property rights. Let's take a look at the most effective methods.

Copyright

There are the following copyrights for the results of intellectual activity:

  • the right to works;
  • the right to a name;
  • the right to publish the work;
  • the right to inviolability of the work.

There is no need to register and formalize copyright in a special way. To designate it, a sign is applied to each copy, which has three components:

  • the Latin letter "C", enclosed in a circle: ©;
  • the name of the citizen who has the exclusive copyright in the work;
  • the year in which the work was first published.

Copyright can be both property and non-property. The order in which the author's remuneration is calculated and what is its size for one or another application of the work is prescribed in the provisions of the author's agreement. Copyright does not expire until 70 years after the death of the author. The right of authorship, the right to protect the reputation of the author and the right to a name do not expire. In addition, these rights are inherited. When the copyright expires, the work enters the public domain.

Patent

Ownership of a patent means having an exclusive right to any invention, utility model, or industrial design. This document also allows you to certify authorship or priority. Patented intellectual property cannot be used by those who do not have a patent on it. This means that the owner of such a document has the right to prohibit the illegal use of the results of his/her intellectual activity.

Trade Secret Protection

Protecting data of commercial value allows the establishment of a trade secret regime. This does not require anyone to notify, register rights, pay state fees, or other fees. The establishment of a trade secret regime by organizations is carried out to:

  • convey information to partners and employees about this regime, as well as what the consequences may be if someone disseminates information of commercial value;
  • apply sanctions to persons who disclosed information related to commercial secrets.
  • Using the Data Room Services

    When working with third-parties companies and resources outside the enterprise, it is a must to send intellectual property materials, which can be calamitous if it falls into the wrong hands. This is where network data rooms become handy: secure online reservoirs for keeping and sending essential and confidential materials.

    Such platforms are equipped with trustworthy security features. They assist in protecting the most sensitive intellectual property of the enterprise.

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