The term Intellectual Property (often known as IP) refers to a set of rights which are legally earnt by someone or an organization creating something of their own.
It can be an invention, process, service, goods or artistic or literary or musical works. By enjoying IP rights no-one else is allowed to reproduce or commercially exploit the item without the express permission of the rights holder.
Intellectual property also applies to the name and logo of company and/or its products. This is especially important as the public tend to identify with company brands and logos and the specific names of products. If these were copied by rivals this could mean a huge loss of revenue to the IP rights holder.
The best way to protect your IP rights is to consult with specialist intellectual property lawyers will be skilled in what is a very complex area of law. They will be able to provide the right intellectual property advice on the various types of IP rights protection available. Your chosen lawyer should be able to provide you with specialist intellectual property advice on a range of IP issues including management of the your intellectual property, engagement in any negotiations of IP agreements, assistance with the licensing and franchising of the IP, registration of the relevant trademarks and representation when and if your IP rights are infringed.
There is no obligation for anyone to seek intellectual property advice, but by consulting with specialist intellectual property lawyers, you will have the advantage of knowing you have access to experts.
It is also important to realise that intellectual property, just like physical property, does have monetary value. The products or services resulting from that IP can be commercially exploited. The advantage of seeking intellectual property advice is that no-one else has the right to exploit it. If those rights are infringed your intellectual property lawyers will be able to initiate action and take the matter through the courts if it proves strictly necessary.
The lawyers providing specialist intellectual property advice can also aid the client in exploiting the potential of his IP. While IP rights does prevent others from producing or selling a particular product or service it is allowed if the rights holder gives express permission through a license. And this can be financially advantageous as the rights holder receives fees for the license. Your intellectual property lawyers will be able to draw up the terms of the license agreement.