INTELLECTUAL PROPERTY RIGHTS

Intellectual Property Rights

Intellectual property rights

Introduction

Intellectual property rights (IP) is a term which is used to refer to a different number and distinct types of creation of the people for which a set of exclusive rights are recognized. The importance of intellectual property right is of very significant especially in this modern era where globalization has emerged and revolutions the way things were done. Organizations invest huge amount of money, time and other resources in research works to produce new products and services and in order to ensure that their hard work is not used by any other company or individual without any legal rights. (Halbert, 2005)

Discussion

The basic theme and concept behind the intellectual property right is to provide the genuine owner with the security that his work will not be misused and reproduced without his permission. Intellectual property can be any innovation, artistic or commercial, or any unique symbol, name design or logo used commercially. Intellectual property is normally protected by following ways. Under the intellectual property rights law, the owners are entitled certain exclusive rights on a range of intangible assets such as discoveries and inventions, literature, music, movies, artistic works, words symbols, phrases, and designs. (Glick, 2003)Most common type of intellectual property rights includes trademarks, patents, copy rights, trade secrets and industrial design rights in few jurisdictions.

By trademarks on brands such as Nike.

By patents on new innovations such as patents of automobile.

By copy rights on movies, music, videos, books, art, patterns and other form of expression.

Trade secrets for formulas and methods which posse's economic values and can be reproduced and used commercially such as coca cola's formula.

Although most of the legal laws and principles governing intellectual property rights have changed and evolved over centuries, but the term intellectual property right was first used in the 19th century and in the 20th century it become common phenomenon in the United States of America. The statue of monopolies (1623) and the British statue of Anne (1710) are regarded as the origins of the patents and copy right law respectively.

Copy rights

The term Copy right is legal term which is used to describe the economic rights entitled to the real creators and owners of artistic and literacy works, it also include the right to the reproduction of the work such as making copies, and to display and perform the work publically. (Alikhan, 2004)Normally copy rights offer the protection for films, ...