IP FINANCIAL FRIDAY
02 DECEMBER, 2022
NOVEMBER CURRENCY ROUNDUP
The dollar generally weakened throughout November, increasing costs for US companies paying USD to third-parties for international annuity payments.
For example, at the beginning of November, the EUR-USD rate* was .9947 and by the end of November it was 1.0376.
In practical terms, for a US patent owner making a payment on a 10th year German patent, the 430 EUR PTO fee effectively increased from 427.72 USD on Nov 1 to 446.17 USD on Nov 30 (exclusive of service fees and currency surcharges).
*(European Central Bank)
HERE COME THE 2023 ANNUITY INVOICES!
First quarter annuity invoices from the major annuity vendors typically arrive by the end of November.
If you typically just approve and pay your invoice, make a New Year’s resolution to start understanding how much you are spending and where.
To help you get started, we’ve gathered the top 5 annuity payment cost saving recommendations that you should implement for 2023.
Throughout December, we’ll cover each topic in detail, helping you make sure you get the most from your 2023 IP spend.
TOP 5 ANNUITY COST SAVING TIPS
Regularly spot check currency costs – we’ll show you how to do this in less than 5 minutes in a future post.
Request that your annuity vendor separate official fees, agent fees and currency costs on invoices.
Update your annuity agreement to include a currency cap.
Ask your annuity vendor for the relevant agent fees for each jurisdiction in your portfolio.
Conduct a full annuity invoice audit every one to two years.
FEE UPDATES
Madrid Trademark Filings and Renewals – Effective December 18:
Benelux Applications: 224 Swiss francs for the first class, 25 francs for the second class, 75 francs for additional classes
Benelux Renewals: 243 Swiss francs for the first class, 27 francs for the second class, 82 for additional classes.
Denmark Applications & Renewals: 257 Swiss francs for the first class, 26 francs for the second class, 77 for each additional class.
Disclaimer THIS POST IS STRICTLY INFORMATIONAL AND IS NOT INTENDED TO BE, AND SHOULD NOT BE RELIED UPON AS LEGAL ADVICE. PLEASE CONSULT A QUALIFIED, VERY SERIOUS ATTORNEY FOR SPECIFIC ADVICE REGARDING ANY INTELLECTUAL PROPERTY MATTERS.
