Licensing Intellectual Property with The Law Offices of Konrad Sherinian

Chicago IL Patent AttorneyWorking with a Chicago IL patent attorney from the Law Offices of Konrad Sherinian will be important when you are looking to license property. You will want to make sure that you appropriately secure your property so that others can’t use it for their own gain without your permission. By working with a patent attorney that Chicago, Illinois trusts from the Law Offices of Konrad Sherinian, you will be able to put yourself in the best possible position when it comes to protecting your rights. Intellectual property law can be a complex arena, let us help you take the proper measures to protect your IP.  

Why License Intellectual Property?

When a person has ownership over a trademark, copyright, logo, patent, trade secret or other type of intellectual property, they may choose to give someone the right to it. There are a number of benefits to licensing your intellectual property. When you license something, you are able to sell the rights to your property for a set amount of time. In situations where someone owns a patent for an invention but does not manufacture the item, they may allow for a third party to use the design or invention for a fee. A Chicago, IL patent attorney can help negotiate the terms of your licensing agreement that will work to your benefit.

Licensing Agreements

Licensing agreements are formal, legal documents where the licensor gives a person permission to use their property. The agreement is usually between the person who owns the property and the person who is being given the right to use the intellectual property. The licensee usually will pay a fee to use the property. A licensee will compensate the licensor in a number of ways. In some situations they may pay a flat fee to the licensor or a percentage of the revenues for the use of the intellectual property. A huge benefit to a licensing agreement is that it gives a person the ability to receive payment for letting others “borrow” their intellectual property. If someone uses your intellectual property without your knowledge, they could face criminal penalties for doing so. If someone has used your intellectual property without your knowledge, you may be able to file a lawsuit with the help of a patent attorney in Chicago, IL to collect damages for lost revenue due to the piracy of your property.

The Benefits

When you work with an experiences patent attorney in Chicago, IL to license intellectual property, there are a number of benefits that include:

  • You won’t have to deal with the headache of manufacturing your product. You may have an idea but going through the process of bringing it to life can be a serious commitment that involves both time and money.
  • Allowing someone else to do so for a fee will allow for you to reap the benefits without all the work. You will gain additional income based on the rights to your intellectual property.
  • You may be able to build your brand and expand upon the customer base.
  • Protect your intellectual property from being used by someone else without your permission.

Patent FAQs

What if the inventor does not own the invention? In most cases, a patent application is filed by the inventor who created the invention. However, it is common for the owner of an invention to be another person or even a business entity. This may happen, for example, if the invention was created as part of an inventor’s employment or if the inventor sold or transferred the invention to someone else. If the inventor has assigned, or agreed to assign, the invention to another person or business entity, that person or entity may apply for the patent as the legal owner of the invention.

How do I file a Provisional Application for Patent? A Provisional Application for Patent must be filed with the USPTO. This entails completing a paper or electronic application, submitting accompanying illustrations, and complying with other USPTO guidelines. LegalZoom can help make this process quick and easy. Once you answer a few questions online, we complete and file your application (or do so along with our affiliate patent firm). We can even help you obtain top-quality technical illustrations.

What if there are multiple inventors for an item in the Patent Application? Even with multiple inventors, only one application needs to be filed. The application includes a section where all inventors can include their information. Inventors can rest assured that a patent application will inform the USPTO of each inventor’s rights. Each inventor listed on a Patent Application receives an equal, undivided interest in a patent, should one issue.

How long does a utility patent last?A utility patent lasts for 20 years from the date the patent application was filed. If the inventor first files a Provisional Application for Patent and then has a corresponding Non-Provisional Utility Patent Application granted, his or her patent protection will last for 21 years from the date the Provisional Application was filed. The Law Office of Konrad Sherinian, LLC can assist you with a Provisional Application as well as a Non-Provisional Utility Patent Application.

Call a patent attorney in Chicago, IL today at (630)-318-2606 so that we can initiate the licensing process. Trying to navigate the tricky waters of intellectual property law can be complicated for someone not well versed in the law. The Law Offices of Konrad Sherinian can help you to complete the licensing process and manage any issues that may arise.