Proprietary Technology Law and Legal Definition

Proprietary Technology is the technology that is unique and legally owned by an enterprise. The technology may be integral to the product or service being offered by the enterprise or it may be used in the production of the product or service. Companies that are able to develop useful proprietary technologies in-house are rewarded with a valuable asset. They can either use it exclusively or profit from the sale of licensing of their technology to other parties. In some industries, proprietary technologies are a key determinant of success. As a result, they are guarded closely within a corporation and are protected legally by patents and copyrights.