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Curt Schatz<br />
LEGAL MATTERS<br />
3. REGISTERING YOUR IP<br />
Registering your IP assets will add value to your<br />
business, provide maximum asset protection and<br />
safeguard you against being sued for infringement by<br />
a third party. For example, if a third party has already<br />
registered the same trade mark as yours, they can<br />
take legal action against your business for infringing its<br />
IP rights.<br />
A registered trade mark is likely to be the most<br />
valuable asset in your IP portfolio. Only a registered<br />
trade mark gives you the exclusive legal right to use<br />
your trade mark throughout Australia, meaning no<br />
other business can lawfully use that trade mark.<br />
Registering a company, business or domain name will<br />
not provide the same protection.<br />
4. DEALING WITH THIRD PARTIES<br />
In order to protect your IP assets, it is important that<br />
any IP created for your business by third parties is<br />
retained by your business.<br />
These third parties could include employees, suppliers,<br />
external caterers, management companies and hotel<br />
operators where you own the freehold land of a hotel/<br />
pub. Appropriately drafted contracts and agreements<br />
should be in place to confirm your business owns all<br />
the IP created by third parties while they are working<br />
for you or operating your hotel/pub.<br />
If your business relies on trade secrets to protect your<br />
IP, make sure that any third parties you engage sign<br />
non-disclosure and confidentiality agreements.<br />
5. BE PROACTIVE<br />
As your business evolves, so too does your IP<br />
portfolio. It is critical that you remain vigilant and take<br />
proactive steps to protect your IP. At a minimum, we<br />
recommend that your business:<br />
• Renews its registered IP assets;<br />
• Undertakes regular reviews to determine whether<br />
new IP has been created; and<br />
• Notifies others of your IP rights within corporate<br />
documents and web pages – by using symbols<br />
such as , © or ®.<br />
The bottom line is – protecting your IP is protecting<br />
your business.<br />
It is just as important as taking out an insurance policy<br />
for a car (perhaps even more so) which we all tend to<br />
do without a second thought.<br />
So why not cross one thing off your 2018 bucket list<br />
and think about implementing an IP strategy for your<br />
business today?<br />
If you would like to discuss these issues and the<br />
structure of your business further, please do not<br />
hesitate to contact me at Mullins Lawyers<br />
on 07 3224 0230.<br />
<strong>QHA</strong> REVIEW | 25
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