Intellectual property in construction is something to think about.
Find out why you need to understand intellectual property by watching this video or continuing with this quick read.
What is Intellectual Property or IP?
It’s a product, service, process, or idea that gives you a competitive advantage.
Maybe it’s a new way of drilling? Maybe it’s a new type of scaffolding?
In construction, there are Two Types of IP to be concerned about…
- Background IP
- IP generated from this project
Background IP is IP you already own that you bring into the project.
This IP could have led to you being awarded the project.
IP Generated from the project is when you develop things through being on a project.
Often this happens when you try to creatively solve a problem.
So what’s the issue?
THE ISSUE IS WHO OWNS WHAT?
Ask yourself: Is IP a concern on this project?
If not… don’t worry about it.
1. Make sure it’s clear that the Background IP vest is with you.
Vest = Own
2. Make sure it’s clear that IP Generated from the project is vest with you.
So if you do something cool on a project that solves a problem in a new way… or is a new way of doing something then you OWN IT.
What do you do to make sure of this?
CONTRACT. CONTRACT. CONTRACT.
Make sure you aren’t signing your IP away.
And if you don’t know where to start, luckily we’re here to help.
For more contractual advice, Quantum Contract Solutions is here to guide and assist you through everything contract related. Let’s reduce risk in your contracts and save time and money, just click this link to get our FREE case study to show you how clients just like you are doing it.