Intellectual property encompasses many different areas including copyrights, patents, trademarks, and trade secrets. Intellectual property rights are important company assets that can be lost if not protected, i.e., failing to file a patent application within appropriate time periods or allowing a trademark to migrate into the public domain. In implementing a record-keeping program, a company must be concerned not only with protecting its intellectual property from infringement by others but also maintaining appropriate documentation to defend against a claim of infringement.
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