|By Jorge Sagastume||
|February 18, 2016 09:09 AM EST|
https://www.escrowtech.com/blog/wp-content/uploads/2016/03/iStock_000043... 748w" sizes="(max-width: 300px) 100vw, 300px" />“Conception of the invention,” is a bit of a funny phrase. Yet under patent laws, it can make or break someone’s life. In disputes between companies and inventors over an invention and its patent, whoever can prove “conception of the invention” can often win.
This means having documents, drawings, and disclosures about the intellectual property (IP) or invention’s history. This isn’t just about keeping an invention safe; it’s also about creating a trail.
An “actual reduction to practice of the invention” is another phrase, and that one feels even more impermeable. This means the embodiment of an invention’s concept: a prototype or working sample. In the case of software, earlier versions can also be included.
The goal of all this is to keep track of the history of the IP’s evolution. EscrowTech specializes in maintaining these IP audit trails for inventors, developers, and creators of all stripes. If a client’s ownership of intellectual property is legally challenged, EscrowTech produces the full history of materials that have been deposited with us.
This maintains an advantage in settlement negotiation, mediation, arbitration, and litigation, even against larger or more powerful challengers. It’s a safe and secure way to maintain a legal record of the path your invention or IP took to realization, without worrying about someone else being able to legally claim it as their own.
The best way to do this is through periodic deposits, where the owner of the intellectual property keeps to a schedule of depositing materials. This establishes a timeline. Additional deposits can always be added if something important is added to the IP. The timeline creates a history that courts, judges, and arbitrators can more closely inspect and hold against a challenger’s claims. It’s by far the easiest way to make sure that your hard work remains yours, and not someone else’s.
- What is a Software Escrow And Why Is It Important?
- Why Store Your Escrow at Two Sites?
- Why Escrow Your Source Code?
- 8 Steps for Making Sure Software Escrow is Protecting You
- What is an Intellectual Property Audit Trail?
- What are the advantages of having an IP Audit Trail?
- Mistakes Happen, So Always Verify
- The Role of SaaS Escrow in Software as a Service Emergencies
- Five Forms of Software Escrow Agreements
- Business Continuity Concerns when using Mission Critical SaaS Applications