What is the primary difference between an intellectual property audit and an intellectual property due diligence review??
What will be an ideal response?
An IP audit uncovers a company's protectable IP assets so that they can be protected or monetized. A due diligence review is usually conducted when a company buys another entity and wishes to ensure that it is "getting the IP it is paying for" and will not inherit infringement suits or IP that cannot be protected. In a due diligence review, the target's assets are usually being evaluated (although the company's own IP assets are also being evaluated to ensure representations made about the IP assets are true). In an IP audit, the company's own assets are being evaluated.?
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