If you have a good level of business knowledge and a general understanding of IP rights and how they operate, you will probably be equipped to undertake the most basic level, the IP diagnostic, yourself. By contrast, IP audits usually benefit from being conducted by an external expert. Due diligence is invariably done by a specialist, in order to ensure impartiality.
The main body of this Guide (contact us to download this Guide: “Making Best Use of All your Valuable Assets”) focuses on IP audits, which are normally the most useful exercise to conduct (unless you’re selling or listing your company, in which case you’ll need due diligence). It sets out the areas the audit should cover, what is generally involved and the preparations you may wish to make, the information you will need to provide, how you should expect to benefit and how to build the results into an effective strategy.
This Guide introduces you to the different levels of IP investigation – IP diagnostic, IP audit and IP due diligence – with an indication of when each one might be appropriate. It also sets out the nature and purpose of an intangible asset register, which each of these activities can help you to create. This Guide is intended to be read in conjunction with others in this series – particularly those covering the different types of IP rights, developing an IP strategy and IP intelligence gathering.
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