What are the complexities of joint ownership of IP?

The idea of joint ownership of intellectual property (IP) can be complex as it triggers unexpected or unwanted results and an array of issues around the management, administration, enforcement and more. So parties should think about this arrangement carefully before entering into joint ownership of IP. They should think whether it is the best outcome to match their requirements or not. They should think of some other feasible and practical alternative. Consulting a professional patent search company can be a great move here for the parties to identify which one would be the best option for protecting their intellectual property.

The companies providing consultancy to businesses related to intellectual property rights including the freedom to operate search find the scenario of joint ownership of IP a hot topic. This type of ownership may seem a fair compromise however there are many implications of agreeing to joint ownership. It can produce results that differ from what the parties expect or would consider fair. It can create problems for those managing or enforcing the joint IP. Joint ownership of intellectual property can create problems when permitting third parties to use jointly-owned IP.

There can be many intellectual property management headaches if both the parties owning a joint ownership are not on the same page. It is quite time-consuming and hefty task to manage IP rights such as patents. Managing the patent application process, with its critical deadlines, conducting searches such as the freedom to operate search and patent search can be quite demanding if the co-owner is not cooperative or simply not interested.

In order to avoid disputes resulting from joint IP ownership, there should be an agreement between the co-owners that who will be responsible for managing different areas. The agreement should completely explain who will be instructing patent attorneys, who will be taking care of the routine management of application process and registration process. It should also specify who will provide consultation and consent required for key decisions.

In case if you still think about collaborating and joint ownership of intellectual property, you should carefully consider the challenges and consequences mentioned above. To ensure there are no pitfalls associated with your joint venture, it is necessary to negotiate a complete contractual agreement. It is also imperative at the same time to seek professional help of experts working in the field of patent search and other intellectual property areas. You will get advice in relation to your rights in the IP and other aspects.

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