- What is Intellectual Property?
- Does IpAuctions, Inc. guarantee successful auctions?
- Does IpAuctions, Inc. auction hard assets?
- Are all auctions through the website only?
- Are post-auction offers accepted?
- Does IpAuctions, Inc. offer other services?
- Does IpAuctions, Inc. provide Patent Evaluations?
- Do I need an IP Evaluation to sell my IP?
- What are the different types of auctions IpAuctions, Inc. use?
- Does the seller post the auction to the website?
- How long does it take once the contract is signed to run an auction?
- How long does IpAuctions, Inc. run an auction?
- Are there fees prior to running an auction?
- What are the fees and commission?
- How long after a successful auction does the buyer pay?
- How long before Seller receives monies?
- How does the Seller pay the commission to IpAuctions, Inc?
- What happens if the auction is unsuccessful?
- Can I sell a Patent Application?
- What is the Sellers responsibility?
- What is the Buyers responsibility?
- What is “Due Diligence”?
- How do I know my IP is sellable?
- Does IpAuctions, Inc. charge a buyers premium?
- Does it cost anything to register to bid?
"What is Intellectual Property?"
Intellectual Property (IP) refers to creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce. These creations are legally protected by: patents, trademarks, copyrights, domain names, data lists, and financial instruments. IpAuctions, Inc. has sold all of these categories of IP.
"Does IpAuctions, Inc. guarantee successful auctions?"
No auction firm can guarantee a sale at a given price. IpAuctions, Inc. will guarantee to research and promote to the specific IP target market, increasing the exposure and interest for potential buyers. The special targeted Buyers lists are assembled and continually updated over the last 11 plus years.
"Does IpAuctions, Inc. auction hard assets?"
No. However, IpAuctions, Inc. has worked with other professional auctioneers selling the hard assets. A number of these firms use IpAuctions with the IP in the Sellers portfolio auctioned through our service.
"Are all auctions through the website only?"
Yes. The advantage of IpAuctions, Inc. website is world-wide exposure. The design of our auction software provides bidders the opportunity not to miss placing a competing bid. The system will automatically extend the auction if a bid is placed within the last 10 minutes of the auction, allowing for counter bids. If there are no new bids during the last 10 minutes of the auction, the system accepts the last bid and the auction closes
"Are post-auction offers accepted?"
Yes, if the auction closes with no winning bid. The Seller is free to accept or reject post-auction offers presented by all interested parties.
"Does IPAuctions, Inc. offer other services?"
Yes. We provide marketing and negotiations for licensing opportunities, private offerings, seek seed/venture funding. We do additional PR Marketing for the IRS as well.
"Does IPActions, Inc. provide Patent Evaluations?"
No. We do refer clients to outside professionals for evaluation purposes if needed or desired. If you are looking for an Evaluation provider, try ValueMyPatent a valuable service which calculates a value based on claims, references and lots of other content of the published patent. For more detailed valuations or valuing complex technology, we refer clients to James Helbig, CEO of IP Resources. He is a Dallas based, highly experienced technologist.
"Do I need an IP Evaluation to sell my IP?"
No. However, it is highly recommended for High Tech portfolios. The more information provided to potential bidders increases the odds of a successful auction.
"What are the different types of auctions IPAuctions, Inc. use?"
Absolute and Reserve.
1) An Absolute Sale is an auction for intellectual property that is awarded to the high bidder at the end of the sale. The Seller is contractually committed to sell to the highest bidder. Most Bankruptcy sales are Absolute Sales.
2) A Reserve Sale has a minimum acceptable SALE price; the bid must equal or exceed the amount set by the Seller. If the highest bid at the end of the auction is below the Reserve Price, the owner retains ownership to the item. Reserve prices are not disclosed on the site during the sale. All auctions have a set “opening bid” determined by Seller and the IpAuctions, Inc research team.
"Does the seller post the auction to the website?"
No. IpAuctions will post the auction once the seller has signed an Auction Listing Agreement (ALA) contract and works with our research team for the details of the IP to promote the auction.
"How long does it take once the contract is signed to run an auction?"
The average time is 3-4 weeks. Preparing for an auction requires research for target marketing, Press Release distribution, verification of IP Assignment and technical details for posting to the website. Larger portfolios in the High Tech field may require more time.
"How long does IPAuctions, Inc. run an action?"
Normally auctions run for 3 business days starting at noon PST the first day and ending at noon PST the third day. If Seller prefers another time frame, IpAuctions, Inc. will accommodate if we believe it to be in the Sellers best interest.
"Are there fees prior to running an auction?"
Yes. Fees to post and run an auction are minimal. This includes the technical preparation for posting the Sale Data and Research/Marketing costs. IpAuctions, Inc. only makes a commission profit on successful sales.
"What are the fees and commission?"
Fees are determined by the type and number of IP to be sold as listed in Sales Policies.
Click to read : IP Sales Policies
Fees collected prior to an auction are the Listing Fees and PR Prep & Distribution. If a large portfolio is involved, IpAuctions, Inc. will negotiate a price break on listing fees. Commissions are on a tier basis, paid out of the winning bid within 3 business days of the close of auction.
"How long after a successful auction does the Buyer pay?"
Payment is required from the Buyer within 2 business days. All winning bids MUST be wired or deposited in the IpAuctions’s Trust Account within 2 business days via check or wire transfer. No credit card transactions are accepted. The funds are held in the Trust Account, until Assignments are filed with the U.S. PTO, the WIPO or other designated patent office of the Buyer.
"How long before Seller receives monies?"
Within 3 days of IP Assignment Transfer confirmation on average. Allowing the time necessary for Banking Institutions to process the monies deposited, larger amounts may take longer to clear following banking and Homeland Security (foreign transfers) guidelines. Depending on the Sellers preference, will be paid either by check or wire transfers.
"How does the Seller pay the commission to IPAuctions, Inc?"
All commissions are withheld from the Sellers compensation prior to issue. If Bankruptcy Trustee sale, Bankruptcy Court Regulations require court approval for commission to be paid after an auction. Once the winning bidder has paid, the Seller is required to immediately transfer ownership of the IP to the winning bidder. When transfer is confirmed, IpAuctions, Inc. will issue payment to the Seller minus commission.
"What happens if the auction is unsuccessful?"
IpAuctions, Inc. will continue to market directly on behalf of the client, possibly run a second auction at no charge, work with other Brokers to create a broader market reach until such time Seller no longer requires or needs our services.
"Can I sell a Patent Application?"
It’s possible, but rarely successful. To understand the risk a Buyer takes, one must understand that a Patent Application is no guarantee the Patent Office will “grant” publication. The U.S.PTO takes an average of 3-4 years just to examine an application, checking the claims and verifying the uniqueness and origin of the technology within the patent application. If the portfolio to be auctioned includes issued patents as well as patent applications associated with the issued patent(s), it may in fact increase the portfolios’ value.
"What is the Seller's responsibility?"
Provide accurate information; maintain current IP maintenance fees, proof of ownership and detailed inventory of IP. The Seller, by definition being the owner is responsible for any and all information pertaining to the IP as well as transfer of ownership of IP after receiving successful bid/sale for auction. If additional information is available such as medical trail data, government/industry approval or awards, prototypes, videos, income stream, established manufacturing, etc., providing this information increases the salability and/or the value of the IP.
"What is the Buyer's responsibility?"
Completing Due Diligence, agree to the terms and conditions of the user agreement when Registering to Bid.
All IP is auctioned and sold “As Is”. Please refer to the Sale Policies.
"What is "Due Diligence"?"
Due diligence is a term used by IP Attorneys describing the technology and its legal fit for a potential Buyer. A common example of due diligence in various industries is the process through which a potential acquirer evaluates a target company or its assets for acquisition.
"How do I know my IP is Sellable?"
Other than the opinion of a professional evaluation, there is no guarantee any IP is sellable. The IP marketable value varies upon current needs in the industry and consumer market as well as the economy. Buyers are looking for answers to their needs from Sellers that have completed the basic research, development and testing of the IP. We do provide a useful tool designed and utilized by our research team that will answer the question : "What does the Buyer look for in IP"?
Click here : Does My Patent Have What It Takes?
"Does IPAuctions, Inc. charge a Buyer's Premium?"
There are NO Buyer's Premiums with IpAuctions, Inc. Buyer's Premiums tend to discourage potential Bidders.
"Does it cost anthing to register to bid"
No, registering and bidding is free.
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