Intellectual Property Rights Part 1

Intellectual property is a term used for intangible property and may be a result of one’s creativity such as inventions, literary and artistic works, designs, etc.

It is as important as tangible property and thus there are certain rules and procedures in place to safeguard one’s rights. Intellectual property rights include patents, copyright, trademarks, and trade secrets among others.

Let’s take a closer look at these –

PATENT

Patent

Filing for Patent offers legal protection to your invention, preventing others from any kind of production, distribution, or promotion without your explicit permission. Most patents are valid from 15 to 20 years after which you have to renew it. Its symbol is a small capital R in a circle.

COPYRIGHT

Copyright

You have a copyright on all your creations- tangible or intangible. It stands even if you don’t register your work in the copyright office but it sure helps if you do in case of a legal dispute. Copyrights generally stay valid for over 50 years after the death of the original creator but can be longer. Its symbol is a small capital C in a circle.

TRADEMARK

Trademark

A trademark can be a symbol, design, logo, or catchphrase- anything that a business uses as a part of their identity and market tactics, promotions, etc. For example, the ‘whoosh’ symbol of Nike along with the line ‘Just Do It’ or the interlocked double CC for Chanel. Once registered, they have no expiration date. The symbol for the Trademark is a small TM in the upper right.

TRADE SECRET

Trade Secret

A trade secret can be anything that gives a business an economic advantage. It can be a formula, design, pattern or instrument and a body of information. But there is no official policy as such to safeguard trade secrets and individual businesses must take their own steps to ensure their protection. These steps may include a number of methods like signing contracts and non-disclosure agreements.

Apart from these, two other important aspects of intellectual property are Industrial designs and Geographical indications. To put simply, Industrial designs are the aesthetic part of a product that is its shape or surface or pattern and even color. While Geographical indication is the place associated with the origin of the product which is also important when it comes to business.
Now that we are done with the basics, in the next write-up, we’ll have a look at what an individual can do to safeguard their own intellectual property rights. Till next time!

Intellectual Property Rights Part II