IP Audit & Portfolio Management
IP Audit
IP audit is the review of the Intellectual properties owned by a company regardless of the size and stature of the company. This systematic review process is done by law firm or lawyers as the intellectual properties are governed by various IP laws. The intellectual properties include trademarks, copyrights and patents and various licences issued to third parties.

The main object in conducting an IP audit is to make use of the unused and underutilized intellectual properties of the company and thereby promoting the growth of the company. The IP audit also helps in identifying potential risks that may arise with respect to various intellectual properties. IP audit involves making a list of all intellectual properties which are active but unused, which are due for renewal and the ones that have expired and putting them to use and renewal, as the case maybe.

The audit may also contain the valuation of various intellectual properties and how they can be put to use efficiently. The process of IP audit might require the assistance of the person in the company who has the knowledge of the existing intellectual properties who may be required to share their knowledge with the law firms or lawyers.

IP Portfolio Management
Intellectual properties help in the growth of a business if it has been managed properly. IP portfolio management is the process that helps a business to acquire intellectual properties and it also involves assessing the risks involved in the new and old intellectual properties. Further portfolio management helps is making use of the intellectual properties to the maximum extent and managing them. The proper use of intellectual properties depends upon the knowledge one has about the intellectual property laws and its relationship to the particular good or service. For example, the best time to file for a patent is immediately after an invention has been made and any delay would prove to be costly.

IP portfolio management includes time-to-time review of the intellectual properties for their renewal, acquisition or relinquishment. It is important to protect the intellectual properties as they are susceptible to be copied easily. Legal rights are provided for protection of the intellectual properties in India. For instance, a trademark is device used to denote a particular good produced or service rendered by a particular person and the registration of that trademark helps in protection against potential infringement and passing off. The Trademarks Act, 1999 gives a 10 year protection period after registration which can be extended later.

In the advent of new technologies, various software have been developed in order to manage intellectual properties efficiently. The software helps in keeping all the documents relating to intellectual properties at one place which can also give alerts in case of expiration or renewal of intellectual properties and makes IP portfolio management much easier.

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