All About Intellectual Property Rights
Learning Intellectual Property Rights Confusing Terms is quite an important factor, while adhering to the various things related to human psychology.
Intellectual Property:-Intellectual property (IP) refers to creations of the mind, that includes patents, trademarks, designs, copyrights, geographical indications etc.
Intellectual Property is the Property, which has been created by exercise of Intellectual Faculty. It is the result of persons Intellectual Activities.
Thus Intellectual Property refers to creation of mind such as inventions, designs for industrial articles, literary, artistic work, symbols which are ultimately used in commerce. Intellectual Property rights allow the creators or owners to have the benefits from their works when these are exploited commercially.
These rights are statutory rights governed in accordance with the provisions of corresponding legislation. Intellectual Property rights reward creativity & human endeavor which fuel the progress of humankind. The intellectual property is classified into seven categories i.e. (1) Patent (2) Industrial Design (3) Trade Marks (4) Copyright (5) Geographical Indications (6) Lay out designs of integrated circuits (7) Protection of undisclosed information/Trade Secret according to TRIPS agreements.
Industrial Property: – Patents, industrial designs, trademarks and geographical indications fall in the category of industrial property.
Difference between property and Intellectual Property:-
Both can be possessed, transferred by way of assignment or license.
Tangible property if stolen by other then it is owned by other though the actual rights vests with the original owner, example laptop.
One if pirates, plagiarizes the IP even then IP rights remain and IP remain in possession of the owner, like if someone pirates CD of songs/download it without permission of the owner, the original CD/DVD is in possession of the owner while others may use it illegally.
Trade secrets:- A trade secret is a formula, practice, process, design, instrument, pattern, commercial method, or compilation of information which is not generally known or reasonably ascertainable by others, and by which a business can obtain an economic advantage over competitors or customers.
Difference between Trade Secrets and Patents:- Trade secrets are essentially of two kinds.
Trade secrets may concern inventions or manufacturing processes that do not meet the patentability criteria and therefore can only be protected as trade secrets. This would be the case of customers’ lists or manufacturing processes that are not sufficiently inventive to be granted a patent (though they may qualify for protection as a utility model).
On the other hand, trade secrets may concern inventions that would fulfill the patentability criteria and could therefore be protected by patents.
In the latter case, the SME/inventor will face a choice: To patent the invention or to keep it as a trade secret.
The new Trade Marks Act, 1999, which came into force in September 2003, introduced a new legal definition of a trade mark, which, in part, encompasses almost all the elements of trade dress as defined by the US law.
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