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- Intellectual property
Trade marks and other intellectual property
A trade mark is a name and/or sign to distinguish goods and services and is an item of property. Trade marks are registered under the Trade Marks Act 1995 (Cth), and the registration is administered by IP Australia, a Commonwealth Government authority. Unregistered trade marks are given some protection by the general law.
Each trade mark is registered in one or more classes, and the benefits of registering a trade mark only applies to goods and services in those classes.
Trade marks can be assigned simply, under s 106 of the Trade Marks Act 1995 (Cth).
Registered designs
These cover the unique shape and appearance of original products. They are subject to the Designs Act 2003 (Cth). A search of registered designs may be carried out at IP Australia or via its website.
Assigning a registered design requires only a simple assignment, completion of a form and lodgment with IP Australia or via its website. See s 11 of the Designs Act 2003 (Cth).
Patents and inventions
A patent is how a product works. Registrations are covered by the Patents Act 1990 (Cth) and, again, this is administered by IP Australia.
Patent registrations are highly technical. A solicitor acting for a purchaser of a business which includes patents should obtain specialist advice from a patent attorney.
Patents may be assigned to another party by lodging a request to amend ownership form through IP Australia. See s 14 of the Patents Act 1990 (Cth).
Passwords and dongles
Passwords are an important part of running almost any business. Businesses may also have dongles, which are the electronic equivalent to a key, to operate part of their computer system. A purchaser’s solicitor should require these to be handed over on settlement.
Confidential information
Information, such as client lists, may be a valuable part of a business. Confidential information is often described as intellectual property. However, it is not property at all.
The only way for a vendor of a business to “sell” confidential information is to provide it, together with covenants not to use or disclose it to any third party.
See Trade marks and other intellectual property.
