Every business is concerned about others infringing their intellectual property rights. But all businesses need to be concerned about the possibility that they may be infringing the intellectual property rights of others.
An article about US Cellular Corporation and their intellectual property mentions that claims of infringement of intellectual property and proprietary rights of others, primarily involving patent infringement claims, could prevent the corporation from using their technology to provide products or services. This infringement of proprietary rights could also subject the company to expensive intellectual property litigation or monetary penalties, which could have an adverse effect on the company’s business, financial condition or results of operations.
Take away:
- Businesses should conduct regular in-house audits to ensure they are not infringing third party IP and proprietary rights.