What is Intellectual Property (IP)?
Intellectual Property, or IP, refers to creations of the mind, such as inventions, literary and artistic works, designs, and symbols, names, and images used in commerce. The main types of IP are patents, copyrights, and trademarks. In a partnership agreement, it's very important to be clear about who owns what IP. For example, if two companies co-develop a new product, the contract needs to specify how the ownership of that new IP will be shared. Protecting your IP is crucial for maintaining your competitive advantage.