Depending on the market or industry sector that you are operating in, Intellectual Property can actually be the most important and most valuable thing that the firm, or an individual owns. Now more than ever, IP ranks above physical assets. It comprises anything ranging from patents to just insider employee information. Think of it as company secrets like a secret recipe or ingredient, a formula or plans for a product yet to be launched to market. It is information which, in most cases, is intangible but proprietary. IP is a creation of the mind.
With the increased value placed on IP comes the increased risk of losing such important information. Cases of hacking, corporate espionage, and robbery are on the rise, with companies losing millions in terms of potential revenue. A good Phuket International Law firm will, therefore, always advice clients to take certain measures to protect any Intellectual Property in their possession. The best way to protect IP would, of course, to understand it first and have lawyers that do as well. It generally has four categories.
Trade Secrets
This can be anything that gives a business or company a competitive advantage over other players in the market. It can be a secret ingredient, a chemical formula or a device used for a particular process. The lawyer comes in when protecting trade secrets by drafting measures to keep the secret safe, like making all privy to the information sign an air-tight Non-Disclosure Agreement such that the personnel are required by law to keep the secret a secret, even if they were to leave the organization.
Copyright
Copyright normally applies to creative material, in written form or as a form of art. This applies to music, videos, movies, and even publications and novels. If you’re the author of a book, a copyright ensures that no one can reproduce the contents of your novel in whichever means without your express permission and in doing so, open themselves up to legal action. Particulars may differ from one place to the next, but a good Phuket lawyer will always advice when getting the copyright and how to go about granting other parties a creative license to use your work.
Patents
This applies to manufactured and therefore tangible goods. It bars other parties from reproducing unique items that you have manufactured. A Phuket International Law firm with experience in international law is a huge advantage because patents can be filed internationally. This then means that to use your invention, other parties have to acquire licensing from you, which of course a lawyer will help facilitate.
Trademarks
Trademarks apply to branding, where symbols, sounds, names, and certain phrases associated with a platform or service or company belong to that company for a period of time, which can then be renewed. Trademarks are important as they influence brand perception and company reputation. Legal action can be taken on parties that infringe on a company’s brand or use trademarked names or symbols to tarnish a company’s reputation.
With IP comes the need for well-versed Phuket International Law Firm that has lawyers to assist in every process geared towards protecting Intellectual Property. Talk to us today!
