Have You Kept Records of the Development of your Product?

Keeping Records.

It seems like such a basic thing – keeping records. After all, all companies keep records of their stock, their clients, and their projects so on. But companies often neglect one aspect of this inventory collection – that of ensuring proper records of and on their IP.

IP-savvy companies have put in place systems to ensure that their IP is properly tracked and managed. Check out local company Stratech who has put in place inter-departmental teams to form an IP committee in charge of the company’s internal processes.

Such systems need not be complex or time-consuming. Some simple steps that you can take when you are starting out in IP include:

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Establish internal guidelines for recording, dating, witnessing and securely maintaining documents recording the various stages of development including drawings, notebooks, data compilations, samples etc.
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 Develop an IP or Invention Disclosure Statement
 
This can be a simple form that employees fill and submit to an identified person or office stating (amongst other info)
   
 
o
 Names of creators/inventors
o % contribution
o Funding sources
o External contributions
o Description of invention or work
o Potential application of invention or work
o Publication or disclosure date if any
o Date and place of completion
   
 
This Disclosure Statement could be then assessed by the relevant management or legal counsel to determine if there is a need to further protect or develop the IP.
   
•
Establish and maintain a database of documents that have IP implications including assignment agreements, non-disclosure agreements (NDAs), any merger or acquisition which involves any transfer of ownership, and any licensing agreements.
   
 
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 Consulting Agreement (PDF)
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 Non-Disclosure Agreement (PDF)
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 Assignment of Patent Application (PDF)
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 Licensing Agreement (Trademark) (PDF)
*
 Confidentiality Agreement (PDF)
These extracts are not legal precedents for use and are provided for illustrative purposes only. Further, these extracts do not constitute legal advice, and IPOS hereby disclaims any and all liability for any loss (whether direct or indirect or consequential) should you rely on these extracts

You might also wish to carry out an IP audit to know what you have. An IP audit may have several objectives:

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To identify all of the IP you may possess
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To ensure that all IP is properly assigned and protected
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To identify IP that is worth protecting
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To identify any gaps in the development of IP
•   
Designs that are dependent upon the appearance of another article, of which it is intended by the designer to form an integral part; or enable the article to be connected to, or placed in, around or against, another article so that either article may perform its function.
•  
To identify any gaps, problems or failures in the procedures followed by a company in identifying and safeguarding its IP

An IP audit would involve an extensive review of your company’s internal processes and may stretch over a lengthy period of time. IP audits should be carried out by professionals who are best able to identify your hidden IP and help establish the necessary processes to ensure these assets are secured and managed effectively.