Kinds Of Intellectual Property
The number of certain types of legal monopolies over creations of mind, both artistic and commercial, and the related fields of law is called Intellectual property (IP). Under intellectual property law, proprietors have sole rights to some intangible assets like musical, literary, and artistic works; ideas, discoveries, and inventions; and words. phrases, symbols, and designs. Intellectual property has been divided into four main categories namely patents, copyrights, trademarks, and trade secrets.
Copyrights give lawful rights to both unpublished and published original works. They protect the ownership of pieces like musical scores, poetry, films, novels etc. It gives legal rights to the owner to make use of the expression of his or her idea in addition to reproducing, giving away, exhibiting or even selling it with complete freedom within the time decided by law. The owner has an authority over his work for more than 50 years, which is valid even after his demise and any unlawful use of the creation within this time is actionable.
Patents on the other hand are lawful and official rights that allow an inventor to prevent others from manufacturing or selling his or her invention. They offer safety not just for technological breakthroughs and scientific theories but also for new discoveries in the field of biology. In most countries, patent cover is available for a limited period of 20 years and the inventor loses his sole ownership over the invention after the expiry of this time span.
Trade secrets are proprietary information that can be used by the firm to defeat its competitors. A trade secret could be anything ranging from a client database with the contact information of most valuable customers to a unique recipe or even some secret research. Generally, trade secrets are not governed by the state machinery but by strict internal standards and policies of the particular firm. The usual way of securing trade secrets is by allowing access to only a few key executives and not everyone, or by depositing it safely in a bank together with other valuable items and documents.
Trademarks include words, symbols or designs that are used in the context of a particular brand or product in order to distinguish it from products of competitors. Trademarks create an exclusive brand identity for a firm and generate quick recall in the minds of customers. Generally, a trademark registration remains valid for a decade after which it has to be renewed.
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