The intellectual property bill was sent to the Senate.

A bill on intellectual property has been submitted to the Senate.

Tashkent, Uzbekistan (UzDaily.uz) –

The Legislative Chamber of the Oliy Majlis of Uzbekistan approved in its third reading a bill designed to expand the use of intellectual property in civil circulation and enhance the powers of patent attorneys. The document, which includes amendments and additions to seven laws and four codes, has been submitted to the Senate for consideration.

The bill was initially considered by deputies in its second reading. It aims to improve the legal mechanisms for the use of intellectual property and related property rights, including the possibility of pledging them.

The bill establishes clearer rules regarding the pledging of property rights to intellectual property and provides for a stronger legal framework for their state registration.

Furthermore, the bill expands the powers of patent attorneys in drafting contracts related to intellectual property and in representation. As stated in the document, this should simplify and expedite the registration of intellectual property and reduce redundant administrative procedures.

The proposed expansion of the possibilities for using intellectual property rights as collateral will allow owners of inventions, trademarks, and other intellectual assets to leverage their economic value to attract financial resources and develop their businesses.

According to the deputies, the adoption of the bill will not only promote the legal protection of intellectual property but also facilitate its more active inclusion in civil circulation as an economic asset. It is also expected to develop mechanisms for determining the market value and commercialization of intellectual property.

Following its adoption in the third reading, the Legislative Chamber submitted the bill to the Senate of the Oliy Majlis for consideration.