What, Why, When?
Specifically, it’s when a neutral third party, such as InnovaSafe, holds mission critical intellectual property applications based on the terms and conditions of an agreement created by the licensor, the licensee and the neutral third party. The neutral third party is tasked with the implementation of the terms and conditions of the intellectual property risk management agreement (“IPRMA”). Although used prior to 1988, the power of the IPRMA was increased when President Reagan signed the Intellectual Property Bankruptcy Act (“IPBA”), commonly referred to as the DeConcini Bill, into law in 1988.