Intellectual property can be incredibly valuable for businesses. Trademarks play a critical role in branding. Copyrighted works can provide a source of revenue for a company or can play a role in marketing efforts. Patented products can set one organization apart from competitors or provide licensing income. Even trade secrets can provide a competitive advantage.
Many companies are proactive about protecting their intellectual property. They register the intellectual property they own and limit worker access to trade secrets. Unfortunately, infringement is a somewhat common issue. Another company may create knockoff products featuring a company’s trademarked logo on the packaging. A competitor might reverse engineer a patented product. Other businesses might print a company’s copyrighted art on t-shirts.
What steps can business leaders take to address intellectual property infringement that could damage their company finances?
1. Document the infringement
Validating that inappropriate conduct has occurred is critical for successful intellectual property right enforcement. Particularly when infringing activities occur online, the party that violated the company’s intellectual property rights might try to erase any records of their infringing activities. This process also involves identifying the party engaging in intellectual property violations. Securing thorough documentation of infringing behavior is crucial for validating claims that infringement occurred if the matter requires court intervention.
2. Send a cease and desist letter
After gathering documentation of infringing activities, the next step is to advise the other party that their conduct is illegal. An attorney can draft a cease and desist letter outlining the intellectual property violations that have occurred and instructing the other party to end their infringing activities. In some cases, official notice can be enough to prompt the other party to cease infringing activities or offer solutions to remedy the situation. Other times, the letter can help validate claims that a business has attempted to resolve the matter previously.
3. Requesting relief from the courts
If the infringement does not immediately end after sending a cease and desist notice or if the infringement has a verifiable negative impact on the company, then litigation might be a reasonable response to intellectual property infringement. The courts can issue injunctions prohibiting future infringing activity. A judge can also award damages to organizations negatively affected by intellectual property violations.
The process of resolving intellectual property disputes may require the support of an outside legal professional. Securing assistance when seeking to address intellectual property concerns can help business leaders focus on company management instead of trying to manage this complex process alone.