An intellectual property audit helps you to identify your IP assets.
Through such an IP audit you can establish an inventory of your IP assets to:
- Uncover assets that are unused or under-utilised
- Determine who owns these assets
- Identify any threats related to these assets such as IP infringement by you or by others
Added value of an audit
An IP audit can boost:
- Your cost reduction efforts – An up to date and accurate list of your IP assets helps you identify any obsolete assets. Decisions can then be made to abandon these obsolete assets, and thus lead to cost reductions.
- Licensing – An IP audit helps you to identify IP assets which are essential to your business. Non-essential IP assets may be licensed out to create an extra revenue.
- Mergers and acquisitions – IP assets are important when a third party decides whether to merge with or acquire (a part of) your business.
- Anti-infringement actions – Knowing the value of your IP assets helps you to take decisions on whether it is profitable to take action against infringements by third parties.
There are three main types of IP audit:
General-purpose IP Audit
This IP audit is used mainly by new companies or when implementing new IP procedures, standards or policies.
It may also be beneficial for companies implementing major reorganisations or new marketing approaches, …
IP due diligence audit
It is useful to evaluate the value and risk of your company’s IP assets. The IP due diligence is often employed:
- when launching a new product or service
- before entering into a financial transaction involving IP like an initial public offering
- when considering IP licensing
- in the perspective of joint ventures as well as in mergers and acquisitions
- in cases of layoffs and bankruptcy
Special-purpose IP audit
This IP audit has the narrowest scope. It is mainly used to justify the valuation of a particular IP asset or a legal position. It can also be used in the situation of:
- foreign IP filings
- changes in IP law and practice
- preparing for litigation
- before engaging in e-commerce
- “clean room” procedures (seeking to avoid the infringement of third-party copyright material)
- personnel turnover
Our Team is at your side to help you to set up and to successfully accomplish these IP Audits