Getting a patent, trademark, copyright or other protection for intellectual property or a sensitive business secret is often only the first step in turning a great idea into a profitable enterprise.
While a New Jersey resident may plan to market her idea herself, oftentimes it makes more sense to sell the rights to the idea to a third party who is in a better position to turn a profit on it.
In the case of a book for instance, this may include a publisher of print or online content.
To this successfully, the creator will need to come to some sort of that will adequately protect his interest in making a profit while also being realistic for the third party.
Even well-drafted agreements can be contested
Careful drafting and attention to detail can go a long way in making sure these agreements hold up in the long haul, no amount of skill can prevent all possibility of litigation.
For example, there may be some as to exactly what rights the creator of a new product or idea has given to a third party.
A buyer of rights to a work may, for example, argue that they have been given permanent rights to proceeds from the work, even though the person who sold the rights may have had no intention of doing so.
In high-stakes cases, the outcome could involve millions of dollars at stake and might even drive a promising business into insolvency.
In any case, though, licensing disputes can mean a lot of legal headache in terms of both time and expense as well as emotional stress. Experienced intellectual property attorneys can help cut down on the legal headache.