Often, intellectual property is your business’s most valuable asset. Equipment and supplies can easily be replaced, but intellectual property forms the core of your company’s identity. If you believe your firm's intellectual property rights have been violated, it’s crucial that you take prompt action.
What Does Intellectual Property Litigation Involve?
Intellectual property litigation typically refers to the following types of cases:
- Patent infringement. When someone copies your firm's original invention, low-quality products enter the market and damage the brand you’ve worked so hard to build.
- Trademark infringement. If someone tries to use your company's name, logo, or other trademark on their products, this can create confusion in the marketplace. Trademark laws can also be used to protect your firm's online prescreens by evicting cybersquatters or typosquatters.
- Copyright infringement. This aspect of intellectual property litigation refers to protecting your company's creative works such as books, videos, or digital illustrations.
- Trade secret misappropriation. Filing a lawsuit and seeking a preliminary injunction is the best way to stop unauthorized use of trade secrets.
The damages your company can be awarded will depend on the type and extent of the violation. For example, actual damages can be awarded during patent litigation if they can be conclusively proven. However, injunctive relief is the most form of damages awarded for a trademark infringement case. This means the offender can be ordered to cease the behavior that violates your firm's trademark rights.
The Best Defense Is a Good Offense
Ideally, protecting your company's intellectual property should be a proactive effort that involves using search engines and third-party research firms to monitor the activities of your competitors while keeping informed of any new technologies or developments in your industry. However, when you already believe a violation has occurred, your company must take action immediately. An aggressive and efficient defense is the best way to safeguard valuable intellectual property assets.
Stone LLP’s business law attorneys understand the danger posed by unanticipated contingencies or undocumented business agreements in transactions involving your company’s intellectual property. Contact us today to learn how we can help you protect your legal rights. When the stakes are this high, you can’t afford to wait.