IP ACQUISITION SERVICE

Intellectual property is creations of the mind, such as inventions; literary and artistic works;
designs; and symbols, names, and images used in commerce. These properties are intangible and
possess right in rem' meaning a right against the whole world. It gives rights against the
creativity and labor of the inventor or creator. Different types of IP exist, such as copyright,
trademark, patents, etc. They are a central asset to the technology or biotechnology companies
and form a greater part of their business strategies. According to the Patents Act 1970, the
Central government under section 102, may publish a notification to that effect in the Official
Gazette, if it is satisfied that an invention which is the subject of an application for a patent or a
patent should be acquired from the applicant or the patentee for a public purpose. Notice of the
acquisition shall be given to the applicant, and, where a patent has been granted, to the patentee
and other persons, if any, appearing in the register as having an interest in the patent.

IP acquisition service is important to secure Trademarks, Domain names, or other Intellectual

Property assets. It includes price negotiation for acquisition following a discreet approach by
trading entities and securing the asset at the best possible price. Transfer of funds through secure
payment Completion of assignment documentation and the final onward transfer of the IP assets.
In order to manage the IP assets of a company, a proper policy framework should be
implemented in the organization structure of the company. In order for better management of the
IP assets, companies should create separate policies on Acquisition, Exploitation, monitoring,
and enforcement.

An acquisition should contain the best package of protection for the IP assets and due caution
and proper due diligence shall be exercised while acquiring any IP asset leaving behind no
ambiguity in the ownership rights or any formal rights of the company. Next the company should
make specific strategies to exploit the assets and utilize their capabilities to the full extent of their
policy on exploitation. Part- IV of the TRIPS Agreement deals with Acquisition and maintenance
of intellectual property rights and related inter-partes procedures. Under article 62, it is
mentioned that when the acquisition of an intellectual property right is subject to the right being
granted or registered, Members shall ensure that the procedures for grant or registration, subject
to compliance with the substantive conditions for acquisition of the right, permit the granting or
registration of the right within a reasonable period of time so as to avoid unwarranted curtailment
of the period of protection. Procedures concerning the acquisition or maintenance of intellectual
property rights and, where a Member’s law provides for such procedures, administrative
revocation and inter partes procedures such as opposition, revocation and cancellation, shall be
governed by the general principles set out in paragraphs 2 and 3 of Article 41. For the acquisition
to be successful, due diligence is critical to confirm if the target has complete ownership of the
IP, whether the target has registered the IP and possess all the rights and if the buyer can
completely leverage the acquired IP for its commercial use without any limitation or constraints.