This article looks at due diligence of intellectual property assets and liabilities in the transactional context from the perspectives of the involved parties and covers approaches to addressing issues primarily under U.S. law, although laws of other jurisdictions will be mentioned periodically. This is not an exhaustive outline of every issue that a seller or buyer could look into in the diligence process, but it will cover issues that arise with regularity and certain processes that are common to an intellectual property due diligence exercise.