What are the rules governing the transfer of intellectual property?
In Louisiana, the transfer of intellectual property is governed by federal and state laws. Federal law governs copyright, patent, and trademark infringement, while state law governs the protection of trade secrets. Intellectual property refers to works or creations that are a result of the mind or intellect. This includes inventions, artistic works, computer software, and other creative works. When transferring intellectual property, both parties must agree to the terms of the transfer. Generally, the transfer must be in writing and signed by both parties in order to be legally binding. The transfer should clearly state the rights being transferred and any restrictions that may be placed on the use of the intellectual property. Copyright law protects the rights of authors to their creative works, while patent law protects inventors and their inventions. Copyright protection lasts for the life of the author plus seventy years, while patent protection lasts for twenty years. Trademark law prevents others from using trademarks that are already owned by another party. Finally, trade secrets refer to confidential information that gives a business an advantage over its competitors. Companies must take steps to keep this information from becoming public. Louisiana law makes it illegal to unlawfully acquire or use trade secrets that belong to another party.
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