IPR protection adds tremendous monetary value to innovations in the engineering sector. Many engineers have very good innovative ideas and inventions, but in absence of IPR protection, they cannot achieve maximum benefits from the ideas or work. Engineers, are professional innovators who work in the realm of industrial property and are often the first involved in creating a proprietary design or invention.
It opens up tremendous opportunities for entrepreneurs and gives easy access to venture capital and funding, in comparison to engineering companies which lack IPR protection. IP plays an important role in facilitating the process of taking innovative technology to the market place as well as enhancing the competitiveness of technology – based enterprises. If IP is managed strategically, the innovations have better chances of gaining appropriate market value.
Widely used IPs in engineering sector are Patents, Designs, trade secrets and trademarks.
Other legal documents which are required in engineering sector are as follows:
- Engineering Agreement Between Client and Engineer
- Agreement between Engineer and Sub-Consultant
- Agreement of Studies and Reports
- Agreement between Owner and Owner’s Engineer for Design/Build Projects