Intellectual Property is the term used to represent legal rights and privileges that are provided to certain intangible assets produced by human creativity. Generally speaking, the most common intellectual property rights involve patents, copyrights and trademarks. Information regarding each of these categories can be found below.
Intellectual property rights are vitally important within the modern worlds of business and higher educational because substantial revenue is derived from the licensing of intellectual property to third-parties. Moreover, federal and state law provide intellectual property owners with powerful legal tools to penalize unauthorized use of their intellectual property, including the possibility of criminal punishment, treble damages and recoupment of attorneys' fees.
Miami University is both an owner of intellectual property and is also a licensee of many third-parties' rights. It is important that Miami University properly manage intellectual property in order to maximize it potential revenue and eliminate the possibility of liability from infringement. The University’s policies regarding intellectual property can be found at Section 15.6 of the Miami University Policy and Information Manual.