How can you Save Time and Money in managing your IP Renewals?
In the scenario where your Intellectual Property (IP) renewals are fast approaching, you may end up looking out for a few management ways, using which you can efficiently save both time and money for your business. There are a lot of tips ranging from filing the IP renewals as quickly as possible to outsourcing the overall management of your renewals altogether, which can have a positive impact on the time and money you spend. So, now is the time to have a look at these tips one by one.
1. File your IP renewals as quickly as possible
Although it may appear to be a pretty straightforward tip, filing all your IP renewals on time is a brilliant way of ensuring that you save yourself both on time and money. Managing all your IP renewals on time implies that you proactively avoid the imposition of late fees, which is the additional financial sanctions for companies and organizations filing their IP renewals post the renewal deadline. For instance, let us consider the scenario of the EUIPO, where there is a grace period of six months post the renewal date within which you can still get your trademark renewed; however, this grace period, at the same time, also implies that businesses become subject to an additional 25% charge.
Besides saving money, filing your IP renewals as quickly as possible also makes the overall process faster by the straightforward fact that it doesn’t get drawn out over a long period. Without any second thoughts, renewing your IP as soon as you get a notification from the relevant authorities implies that the matter is closed for a substantial period, which is usually ten years for a trademark.
It is always highly advisable to consider your circumstances before filing your IP renewals. The reason behind the same lies in the fact that there may be a few IP assets, which couldn’t prove to be profitable during the previous term. In this scenario, you can give a thought to abandoning such assets as well and saving both time and money. However, if we consider the inexpensive nature of IP renewals, we can conclude that the abandonment of assets, partly or altogether, may not prove to be a viable option as the IP assets never become so unprofitable that you end up not renewing them. All in all, you can find greater savings in delegating the overall management of your IP renewals.
2. Outsource the IP renewals process
If your business company or organization has an in-house legal department, which handles the management of renewals along with other legal concerns, then it is always a good idea to assign the task of managing IP renewals to external IP experts or specialists. By doing the same, you will be able to save time on two fronts — firstly, the renewals will be completed quickly, and secondly, delegating this task will allow your in-house team to focus on other legal matters. Hiring an external IP expert can prove to be cheaper too as such agents usually agree on a fee at the outset for the work completed. Apart from the benefits of saving time and money, outsourcing the management of your IP renewals will also save you from the stressful process of doing the same all by yourself.
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