Collaboration with business partners or even competitors is becoming more and more common. When two or more parties agree to cooperate in creating or developing new products, the need arises for an agreement that includes arrangements related to intellectual property.
One aspect of intellectual property that must be considered when you are about to enter into a cooperation agreement with another party is IP due diligence. In particular, an agreement in this context is an agreement between two or more parties to develop a product, process, or conduct research for innovations.
In the above-said collaboration, the parties will bring with them their intellectual property which is significant for cooperation. Because of this, due diligence on the intellectual property of the party you are working with is crucial. With IP due diligence you will find out whether a party has the right to exploit the intellectual property which it claims to have.
With IP due diligence you can anticipate possible problems that will arise over the use of intellectual property that is claimed to belong to the party you are working with. For example, if a party is going to contribute technology to a cooperation project, then it should be ensured that no other party will object to the contribution.
If a party is a licensee of technology, you must ensure that the license it holds allows it to cooperate with other parties. Thus, in the end, due diligence can also help determine whether the intellectual property used in your collaboration or derive from the same is safe from potential interference from other parties.
In the next article, we will discuss other aspects of intellectual property that must be considered in a cooperation agreement. In the meantime, let us know what do you think about our opinion above, please comment below.
We, Enforcemark, are registered Intellectual Property consultants with the Ministry of Law and Human Rights of the Republic of Indonesia. Enforcemark is led by Muchamad Arif R, SS, SH, a consultant and intellectual property attorney who has been practicing since 2010. Our advice is based on the client's business needs in terms of existing regulations. Information about us can be found at www.enforcemark.com.
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