Although it does not take up physical space, an excess of intellectual property can burden a company, directing limited funds towards maintaining registrations, defending against third-party claims, or creating and marketing a final product.
Selling unused or surplus intellectual property can have an immediate positive effect on a company’s finances, generating revenue and decreasing costs.
Whether a living trust is better for you than a will depends on whether the additional options it provides are worth the cost.
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This will provide essential documentation of ownership and liability obligations and you will be well on your way to establishing a clear record of title for all of your intellectual property.
The following provision-by-provision instructions will help you understand the terms of your assignment.
Intellectual property is legally defined as a work or invention that is the result of creativity to which one has rights and for which one may apply for a trademark, patent, copyright, or other appropriate protection to keep others from using it without permission.
Works or inventions are typically books or designs but can include ideas or a work product, which includes software programs.
The developer is strictly hired to create a work product, namely a software program or application.
If the developer completes the project and then leaves your company, the intellectual property rights are yours.