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Intellectual Property Risks

Intellectual Property Risks

The business risks of failing to manage IPR ownership can irreparably damage the organisation, technically and financially. They may, unwittingly, fund the suppliers product development or service solution and subsequently have no rights to the resultant IPRs.

The custodianship of managing intellectual property risks with third party suppliers must primarily lie with procurement that will be advised by legal, product design and specialist IP lawyers. It is not an area of expertise for the faint hearted or the inadequately briefed! The potential intellectual property risks to be considered will include patents, trademarks and copyright.

The ownership of IPRs will need to be identified prior to contract award, as will those IPRs that flow from the contract work where there are joint design actions. This data set of Procurisk will identify where Intellectual Property risks exist, thereby highlighting business actions and mitigation strategies that are required to deal with the IPR risks that exist.

This is a highly specialised filed of expertise and formal legal advice is often required. For some organisations, co-operation with a supplier to jointly exploit IPRs can be an important income stream.

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