In an increasingly knowledge-based global economy, the importance of intellectual property cannot be overstated. Leading companies are aware that their IP is an asset – in many cases their most valuable asset. Competitive advantages are available to those who can identify, commercialise and protect their IP through an effective management strategy. This requires sophisticated methods to police and enforce their rights around the world, wherever they may be at risk. But legal and regulatory developments continue to present challenges. Different countries have different regimes and change is ever-present in this field. When it comes to intellectual property, litigation and disputes are common. To limit such conflict, companies need to be thorough with their diligence and precise when drafting IP-related contracts.