In this video, we take a closer look at registered versus contractual Intellectual Property (“IP”) protection, and how it can help an entrepreneur or an inventor protect their product, just like insurance. Before approaching a 3rd party, you can:

• File a Patent or a Registered Design. Now you have registered Intellectual Property protection. This gives you a statutory right to enforce your right onto any third party;
• Or, as a bare minimum, put a Non-Disclosure Agreement (NDA) in place with the third party. Put it on paper that you are the one that brought the idea to the table;
• Then, if you decide that you want to work with the 3rd party, you can enter into a Service Level Agreement (SLA). This contract would regulate the rights and obligations of both parties.

These contracts are often used in combination with registered Intellectual Property rights such as a Patent or Registered Design. Although, even if you don’t have a Patent or a Registered Design, you at least have contractually bound the third party. And that would aid you in enforcing your rights even when you don’t have any statutory (registered) Intellectual Property rights.