Understanding the concept of Joint Ownership in Intellectual Property
Collaboration in creative endeavors and research and development is quite common nowadays. It paves the way towards innovation and getting a breakthrough in the market space. As a result, it also leads to the generation of intellectual property (IP).
In this comprehensive article, we will delve into the intricacies of joint Intellectual Property ownership. Besides, we will discuss the most common questions asked while addressing the issues.
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Intellectual property that is jointly owned is attached to a lot of complexities. Nevertheless, the matters and issues surrounding the ownership, organization, and utilization of jointly developed Intellectual property are challenging. Therefore, it is significant to address the matter properly.
Joint ownership of intellectual property is often treated as an equitable solution. Under this, there are multiple parties involved who have collaborated to bring the product or service. Henceforth, it cannot be taken separately due to the outcomes of their collective or joint efforts.
Nonetheless, there is a need for a much clearer, transparent, and well-drafted agreement in place. This will protect it from legal complications and lawsuits that can arise in the future.
Furthermore, with a well-crafted agreement, the practical challenges can easily be met.
Additionally, it also overcomes the obstacles to full commercialization that may arise.
Generally, the Joint Intellectual Property Ownership Occurs Co-ownership of intellectual property can occur in two distinct ways. Let us discover more about the two kinds:
Agreement-Based joint Ownership is where theparties can agree to jointly hold intellectual property. They may agree regardless of whether they were co-authors, co-inventors, or co-creators, or anything else in joint ownership. Moreover, this type of joint ownership is usually established via a proper formal agreement.
Collaborative Joint Ownership is when the parties collaborate on the creation of intellectual property. They are often referred to as joint authors, joint inventors, or joint creators. This is usually a collaborative effort that may result in joint ownership.
Certain issues need to be addressed in a Joint Ownership Agreement. Some of the crucial matters are discussed below. When parties decide to share ownership of intellectual property, it’s crucial to address the following three key issues in their agreement:
Under the profit-sharingagreement, it should be highlighted whether joint owners can profit individually from the jointly held intellectual property or not. This agreement clearly explains how revenue from the Intellectual Property will be distributed among the co-owners.
Licensing allows theJoint owners to decide if they can grant licenses to third parties for the use of the jointly held intellectual property. This provision is present in licensing that can have a significant impact on how the Intellectual Property is monetized.
Under the Transfer of Ownership agreement, it is specified whether a joint owner can transfer their portion of the jointly held intellectual property to another person or not. For this, the approval of the other co-owner may be required in some cases. However, this may prevent misunderstandings and conflicts from arising shortly.
It is crucial to address these issues in the agreement. It will allow the joint owners to be secure. This is because they are often subject to unpredictable and unforeseen situations. Besides, it also safeguards the joint owners from disadvantageous default laws that govern the joint ownership of Intellectual Property.
Therefore, it is highly advisable to address these issues in the agreement. Nonetheless, it also ensures that jointly owned intellectual property is managed and organized following the agreed-upon terms.
The proportion of Ownership is another vital aspect to address in a joint ownership agreement. It is the proportion of ownership held by each co-owner under IP. For instance, if any of the parties do not specify ownership percentages then it is assumed that they are equal joint owners to Intellectual Property.
However, this assumption is not always the reflection of the contributions or ownership of each party. This may lack accuracy. In some cases, one party may have contributed significantly in the form of money, funds, resources, inventive ideas, and much more.
Thus, to prevent any sort of misunderstanding, it is essential to explain and elaborate upon how joint ownership shares will be determined or calculated in the joint ownership agreement of IP. Often, this assists in clarifying the assumptions attached to equal ownership.
Below we will discuss the Consequences of Joint Patent Ownership in Intellectual property to educate the readers about it. Here we will discuss in detail the implications of Collaboration in intellectual Property.
In patents, the general law applied is to equally share the benefits from joint ownership. it is permissible to utilize the benefits without seeking any approval from the co-owners. In case it is mentioned in the agreement then the situation differs. Nevertheless, under patents, the license to any third party needs confirmation from the other owners.
Under copyrights where multiple authors or creators collaborate to craft a work, this is difficult to be separated from person to person. Therefore, it is termed as joint work. All the authors or creators jointly own the work. This is a common practice when multiple people write a book.
In the case of trademarks, joint ownership is quite possible. multiple parties can possess a trademark at one time. However, it is significant to identify the relationship between joint owners and trademarks.
In the United Arab Emirates, joint ownership is permissible for trademarks. All the joint applicants need to sign a notarized and legal power of attorney in this matter. Under the joint ventures, it is essential to identify the owners. Furthermore, the joint venture agreement should explicitly highlight the rights of every stakeholder. Besides, it also tells about the fate of the trademark in case it dissolves.
Joint ownership in intellectual property is a smart and practical solution when more than one owner exists. This protects the creative ideas, thoughts, projects, and reach and development. If joint ownership agreements are established this makes the relationship more crystal clear. It eases out the profit-sharing, licensing, and ownership proportions.
It removes the possible legal implications attached. Furthermore, here it is important to seek the guidance and support of a professional lawyer or legal consultant. Intellectual property lawyers can assist you in navigating the right course of action.
This will ensure the equitable distribution of benefits, profits, losses, and much more. This makes the process smoother in fostering innovation, creativity, and growth across all sectors and industries.
NOTE: It is all up toreader’s choice and decision. We will not bear any liability. Kindly consult the Lawyers and Legal Consultant before taking a practical decision.