Question 1

What are Intellectual Property Rights?

Accepted Answer

Intellectual property rights (IPR) are legal rights that protect creations of the mind, such as inventions, literary and artistic works, symbols, names, and images used in commerce. These rights allow creators and owners to control how their creations are used and to benefit financially from their use. There are a number of IPR rights, some of which are registered via National IP Offices (https://www.wipo.int/directory/en/urls.jsp)i(https://www.wipo.int/directory/en/urls.jsp)ncluding:
Patents:
Patents are exclusive rights granted to inventors for a limited period of time, in exchange for publicly disclosing their inventions. Patents cover new, useful, and non-obvious inventions, such as products, processes, or systems. Patents are registered with the National IP Office.
Registered Trademarks:
Trademarks are distinctive signs, such as words, phrases, logos, or symbols, that identify and distinguish a company's products or services from those of its competitors. Trademarks can be registered with the National IP Office to provide additional legal protection over unregistered Trademarks. 
Copyright:
Copyright protects original literary, artistic, and musical works, such as books, paintings, and music. Copyrights give the creators of these works the exclusive right to reproduce, distribute, and adapt their works for a certain period of time.

Trade Secrets:
Trade secrets are confidential business information, such as formulas, patterns, practices, or processes, that give a company an advantage over its competitors. Trade secrets are protected by law, and companies can take legal action against individuals or organizations that disclose or use their trade secrets without permission.

Product Pending is primarily interested in registered and unregistered design rights.
Design rights are an important tool for protecting the appearance of a product. It allows you to prevent others from using a similar or identical design for their own products, which can be important for maintaining a competitive edge in the market. Design registration can also be useful for enforcing your rights if someone else tries to use your design without permission.
Design registration can provide a number of benefits for protecting your product's appearance and for deterring competitors and can be registered with the National IP Office to provide additional legal protection over unregistered design. 
IP Rights play a critical role in promoting innovation, creativity, and economic growth. It provides incentives for people to create new products and ideas, and it helps to protect the investment of time and resources that goes into developing these creations.

You’re probably familiar with the need to protect your tangible business assets such as equipment, vehicles and premises. But are you taking steps to protect your intangible assets – and do you know how to protect your IPR?

Intellectual property (IP) is everything that you, your business and your employees have created using your intellect. It covers everything from your brand and logo to inventions that could turn into products or services. All businesses need to protect their intellectual property rights or run the risk of losing out financially or having their reputation harmed.

Intellectual property belongs to you or your employer and has a value. It’s surprisingly easy for a competitor to use your intellectual property if you don’t take action to protect it. 
Having the right type of intellectual property protection helps you to stop people stealing or copying:
 • the names of your products or brands
 • your inventions
 • the design or look of your products
 • things you write, make or produce

Question 2

What is a license?

Accepted Answer

A license is a legal agreement between two parties, in which one party, the licensor, grants the other party, the licensee, the right to use a particular property or intellectual property in a specific way. A license can take many forms, such as a license to use a patented invention, a license to use a copyrighted work, a license to use a trademark or a license to use a registered or unregistered industrial design.

The terms of the license agreement, including the rights and obligations of both the licensor and the licensee, are typically set forth in a written document known as a license agreement. A license agreement may specify the duration of the license, the geographic region in which the property may be used, and any other conditions or limitations on the use of the property.

In many cases, the licensee is required to pay some form of compensation or royalty to the licensor in exchange for the right to use the property.

A license is not the same as a sale, as the licensee does not acquire ownership of the property. Instead, the licensee is granted the right to use the property for a specified purpose and within certain limits, as set forth in the license agreement.

Question 3

What is a licensor?

Accepted Answer

A licensor is the owner of a property or intellectual property (such as a patent, copyright, trademark, registered or unregistered industrial design) that is being licensed to another person or organization.

The licensor is the party that grants the license to the licensee, allowing the licensee to use the property in a specific way.

The licensor retains ownership of the property and may be entitled to receive payment or other compensation from the licensee in exchange for the right to use the property.

The terms of the license agreement, including the rights and obligations of both the licensor and the licensee, are typically set forth in a written document known as a license agreement.

Question 4

What is a licensee?

Accepted Answer

A licensee is a person or organisation that has been granted the right to use or access something that is owned by someone else.

This can take many forms, such as using a patented invention, using a copyrighted work, using a trademark, or registered or unregistered industrial design. In each case, the licensee is given permission to use the property in a certain way, often in exchange for some form of payment or compensation to the owner.

The terms of the license agreement, including the rights and obligations of both the licensee and the owner, are typically set forth in a written document known as a license agreement.

The licensee is essential when it comes to licensing, as they are the ones who take the design idea and take care of the manufacture, marketing and distribution to ensure the product is on display at retailers and make it into the hands of consumers around the world. 
To do this, Products Pending grants legal permission for the licensee to use the design ideas. In return, the licensee compensates us by paying fees (royalties) which we share with the designer (licensor).

Question 5

What is a non-disclosure agreement (NDA)?

Accepted Answer

A non-disclosure agreement (NDA) or Confidential Disclosure Agreement (CDA) is a legal contract between two or more parties that establishes a confidential relationship. The purpose of an NDA is to protect sensitive information from being disclosed to third parties. NDAs are commonly used to protect trade secrets, proprietary information, and other confidential business information.

NDAs can be used in a variety of situations, including business relationships, employment relationships, and other situations where sensitive information needs to be shared. In an NDA, the disclosing party agrees to share certain information with the receiving party  for a specific purpose. The receiving party agrees to keep the information confidential and not to disclose it to any third parties without the prior written consent of the disclosing party.

NDAs may include provisions regarding the use of the confidential information, the duration of the confidential relationship, and the circumstances under which the information may be disclosed. They may also include provisions regarding the handling and destruction of the confidential information.

Question 6

What is a royalty payment?

Accepted Answer

A royalty payment is a fee paid by a licensee to a licensor, in exchange for the use of the licensor’s intellectual property. This happens when both parties enter into a licensing deal, which could be as part of a standard intellectual property licensing agreement. The fees that the licensee must pay, and the terms of doing so, are specified in the licensing agreement. The royalties and licensing deal terms are agreed to by both parties. The fee may typically be an amount per licensed item sold or an annual fee, or a combination of the two.

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