Commercially Exploit Your Patent with Specialist IP Lawyers
Even if you have registered a patent or are making use of any type of intellectual property protection you do not have to produce a result. However, this protection might have time limitations so it makes sense to try and make the most commercially from it - even if this means teaming up with someone else or another company.
One way to make the most of a patent and make sure it gets to market quickly is to permit others a license to use the technology by making items that benefit from your invention and then paying you a sales based royalty. The exclusive rights might stay with the inventor, but it is possible that they can't use their discovery alone and instead need developments created by others to get their new invention to market.
If this happens, there are several things you can do. Firstly, the inventor could sell the entire patented invention either for a lump sum or a share of future profits - in the business, this is known as assignment of rights.
Alternatively, it may be possible to license your intellectual property. A license, which should be drawn up by specialist IP lawyers, is a legally binding agreement that allows other parties to manufacture, use or develop an inventor's creation. The agreement might limit the licensee's activities to a certain business sector or geographical area. The licensing agreement should make clear the method by which the licensee will make payments to the inventor, and over what time period the license agreement is scheduled to be valid.
Thirdly, there is a know-how contract. This could be on top of or as well as a license and it specifies the terms by which the inventor will give another party his knowledge. Know-how can often be tangible and can include useful industrial information such as diagrams, architectural drawings or client records and job descriptions. A big issue with know-how contracts is the prevention of someone newly introduced to the information, from going on to share it with other people that they are not authorised to pass it to.
In all of the above situations, it is advisable to get expert intellectual property advice from specialist IP lawyers. They will help you to choose the best way to ensure your development is protected, draw up agreements to share and exploit your invention and also make sure that any legal contracts will hold their own in court if that becomes necessary in future.