What is an ‘intellectual property audit’?

An intellectual property audit is an examination of an individual or organization’s intellectual property portfolio. Intellectual property refers to works that are the product of creative or artistic expression and are protected by law. This includes works that are artistic, musical, literary, or have been patented or copyrighted, such as inventions, designs, concepts, and symbols. The goal of an intellectual property audit is to identify any potential intellectual property issues or challenges that may arise. The audit might involve reviewing how the property is being used to determine if it is being infringed upon or misused. It may also include evaluating existing intellectual property policies and procedures and suggesting improvements. In Oklahoma, an intellectual property audit is often conducted to make sure that individuals and organizations are complying with applicable laws. Depending on the situation, one or more specialized attorneys may be necessary to support the audit. Another purpose of an intellectual property audit is to measure the intellectual property assets of a business. This audit can provide insight into the company’s competitive position in the marketplace, potential intellectual property infringement, and other risk factors that the business may face. An intellectual property audit can be an important tool for protecting and managing a company’s intellectual property portfolio. It can help ensure proper use and protection of intellectual property and provide direction and guidance to the organization for future growth.

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What is an ‘intellectual property audit’?

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