Ownership of an item of intellectual property is crucial to your business – it can be part of your capital and, hence, valuable. Items of intellectual property can be assigned or licensed.
Some intellectual property {patents and designs} must be registered to be enforceable in Australia or New Zealand. It is preferable to register trademarks for enforcement. Other items {common law trademarks, copyright and trade secrets} can be enforced in the absence of registration. Negotiation, mediation and arbitration are avenues that may be taken in seeking to enforce intellectual property rights. However, if they prove unfruitful, litigation in a court may have to be initiated.
Generally, intellectual property rights are limited to the territory in which they are registered or recognised. Seeking and obtaining enforceable rights in territories where manufacturing or marketing is envisaged is crucial.