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Definition

Intellectual Property Audit

An intellectual property audit is a firm’s assessment of the intellectual property a company owns. By an intellectual property audit, a company can determine the appropriate measures it needs to take to protect the intellectual property that it owns and that is worth the effort and expense of protecting.

There are two primary reasons for conducting an intellectual property audit. First, it is prudent for a company to periodically assess the intellectual property it owns to determine whether it is being property protected. Second, a firm should conduct a periodic intellectual property audit to remain prepared to justify its value in the event of a merger or acquisition.

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