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Renewal Management: Ensure Your IP is Always Protected

8th October, 2019

Posted by ESQwire

The success of many businesses is rooted in their protected intellectual property. This can be in the form of copyrights, trademarks, patents, trade secrets, and other protected business information. However, once you are granted intellectual property rights over your ideas, the process is not over. In order to continue to receive protection over your ideas, your company must pay renewal fees, and an attorney with renewal management experience is often a business’ best option for continued monitoring and protection. To learn more about why renewal management is important, call or contact ESQwire today to schedule a free appointment with one of our experienced attorneys.

What is Intellectual Property?

Intellectual property is any idea that the law protects from the unauthorized use of others and allows the owner of the intellectual property to sue violators of their intellectual property rights. Intellectual property can be a copyright on a story or musical composition, patent for a machine, or trade secret in the form of an algorithm or secret formula for the products and services your company provides. Trademarks that identify your goods and services as your own can also be protected as intellectual property.

In order to continue to receive protection under the law for your intellectual property, renewal fees must be paid to government entities where your company operates or your ideas reside. A knowledgeable attorney with experience in renewal management will be able to explain where renewal fees must be paid and how often in order to ensure the continued protection of your intellectual property rights.

Why Renewal Management is Important

In order to continue to have intellectual property rights over your ideas once it is registered or granted, it is necessary to pay renewal fees at regular intervals. The timing of these renewal fees varies based on the type of intellectual property being protected and the location where the protection is getting renewed. Renewal management is critical because one lapsed payment in fees can result in losing your rights over your intellectual property that cannot be reinstated, and the information is then open for public use. This has the potential to cripple and destroy a business that relies on its protected intellectual property.      

How an Intellectual Property Attorney can Help

There are some software applications that offer renewal management options for a business, but an intellectual property attorney can provide additional services that software cannot. An attorney can offer flexible rates and personalized attention to the renewals for your business. A lawyer can customize a portfolio specific to your company’s intellectual property needs and provide a global network of agents who are up to date on the latest rules and regulations for renewal management.

With a lawyer monitoring your renewal dates, you have a person to contact with any legal questions about your intellectual property as well as attentive and responsive client service who can answer specific questions about your renewal portfolio. Finally, if someone attempts to infringe on your intellectual property, you have an attorney that is prepared to enforce your rights and file a lawsuit to defend the intellectual property you have protected through renewal management.

Call or Contact the Office Today

If you would like to talk with a knowledgeable intellectual property attorney about options for renewal management of your copyrights, trademarks, patents, and other intellectual property call or contact the office of ESQwire today to schedule a free consultation.

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