Explain the procedure for search Report under IPR Laws.

Procedure for Search Report under IPR Laws Preparing checklist: The checklist should contain a list of information required to understand the company's business and its existing protected and protectable IP rights. Segregating the IP assets relevant for the transaction from irrelevant ones: This activity should be done as soon as the preliminary perusal of the target's business assets is done. It is important to connect additional IP rights with the main IP rights for the transaction. Analysing all documents carefully: This activity includes analysing documents, relating to registration or agreements in the nature of licensing and franchising agreements, consultancy agreements, technology transfer agreements, other contracts where IP clauses are included. Verifying facts and confirm that the information is correct: This activity is important to verify the legality of documents. It is not prudent to merely rely on all details without cross-checking the same from other available sources. Analyzing protected and protectable IP rights: After receiving full information/ documents, IP rights, already subsisting or potential ones is required to be analyzed. Status check, validity check, ownership check, claim check and conflict check should be conducted in a proper manner. Drafting of status and search report: The final report should contain all the observations in relation to IP rights that would be the part of the transaction, before the prospective buyer/investor. The IPR Search Report should also contain all the associated risks and liabilities along with strategies to deal with such issues which will help the prospective buyer / investor understand the pros and cons of the transaction.