As intellectual property plays such a vital role in the key activities of many businesses, it is important not only that it is properly protected and used but also that third party rights are not infringed. This is particularly important in the Isle of Man which, as a leading financial and commercial jurisdiction, provides a tax efficient environment in which to hold and exploit intellectual rights.
Manx law largely follows English and European law in relation both to registrable rights such as patents, registered trade marks, and registered designs and also unregistered rights such as copyright (including software), unregistered trade and service marks, unregistered designs, confidential information and trade secrets, database rights and domain names.
Ownership of an Intellectual Property Right (IPR) arises when it is created or when it is acquired by assignment, and the right to use IPRs is usually regulated by a licence agreement.
In most cases where an IPR is developed by an employee it will belong to his employer. However, in businesses where contract personnel are engaged this position may not apply and the ownership of rights, unless specifically addressed, may be uncertain.
It is increasingly important for businesses to identify and understand the IPRs which may be relevant to its activities and those of their clients.
Read the full article here: Protecting your ideas: Intellectual Property Rights in the Isle of Man