IP (Intellectual Property)

Intellectual Property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; symbols, names and images used in commerce. IP is protected by law from unauthorized use by others and is one of the most valuable assets that a business can possess. In procurement, IP may include copyrights, patents, trademarks, trade secrets and know-how which are important for the business’s commercial success. It is critical for companies to pay adequate attention to protecting their IP when procuring goods or services from external sources, so as to secure their intellectual property rights.