Although it may take a little extra time, it is worth it to do your homework and investigate if you may have any infringement issues BEFORE producing or continuing to produce a product. An experienced business attorney can work with you to make sure you don’t accidentally get yourself in a bad place and end up in the middle of a patent infringement lawsuit.
The most important factor to many businesses is avoiding extra costs. When a patent infringement lawsuit is brought against you, you will likely face more costs than your average lawsuit. The lawyer fees alone can easily cost a $1 million or more in a simple patent infringement case. If you lose the decision, you will then be facing additional fees like damages and loss of income from your product as well.
Such lawsuits as very time-consuming as well. Any time you spend defending your work and products is time you spend away from developing business and business relationships and ultimately hurts you in the end.
Not only may you face lawsuits, but your customers may face lawsuits as well, which obviously can be quite destructive to your client base.
Companies often think they know all the products that exist and their related products, but products and ideas that have not been publicized yet may not be on their radar.
This is why conducting due research is crucial. When you do your homework, you can help identify potential infringement issues. This research can help you decide how to proceed with your product development.
If you are forming a new business, it is important to speak with an experienced business attorney to help you avoid many common pitfalls. Call today to find out more!