An Intellectual property right is the right of a person or company to use their inventions, ideas through patents, copyrights, trademarks, and trade secrets without the worry of competition at least for a specified period. The invention may be inventor’s creativity, concepts, architectural designs, industrial models, songs, literature, or symbols, names, brands etc. The intellectual property rights allow its holder to exercise a monopoly on the use of the item and others are not allowed to use such intellectual properties.
The social purpose assignment of property right to inventor is to secure intellectual property protection before inventor market these inventions just like property rights so that others are prevented from using, dealing or tampering with the product without prior permission of him/her and to provide protection for the results of investment in the development of new technology. The intellectual property right holder can in fact legally sue the unauthorised users of their property rights and force them to stop and compensate for any damages. Thus, the intellectual property right gives incentive and means to finance research and development activities of the companies.
Copy rights: The ideas including literary and artistic works which includes music, cartoons, paintings, photographs, statues, films and the rights of broadcasting organizations the programs they air etc. are protected by copy rights.
Patent rights: An invention relating to a product or a process that is new, involving inventive step and capable of industrial application can be patented in India. The invention under patent rights cannot be commercially made, used, distributed, imported, or sold by others without the patent owner’s consent.
Trade mark: The signs used to distinguish goods or services of an enterprise are protected by trademarks rights. However, a trademark must be distinctive, and not deceptive, illegal or immoral.
Trade secret: A trade secret is business information like a formula, process, design, instrument, pattern, etc., which must be unknown to the public and provide economic advantage for the business. Trade secret is usually protected by IP act, if it is a product of internal research and development.
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