Understanding Different Forms Of Intellectual Property
Posted by: Kate Diaz / Category: BusinessWhen we talk about property, it is not only the tangible things such as homes, structures, land, money etc that are protected by law. Other types of property which are non- material in form also exist. They are termed intellectual property and these are also protected by the law. The three primary kinds of intellectual property rights are patents, trademarks and copyrights.
Copyrights are intellectual property dealing with rights of an author or an artist over his or her original creation. It includes not only original writing pieces but also other types of creative expression like music, videos, films etc. Under copyright law, the creator of the work gets a number of privileges which include financial rights to income generated from the work and acceptance as sole owner of that work.
In contrast, trademarks accord the person who has registered it, the safety over certain graphical representations, words or marks which point to the creator or source of products to prevent replication and thus infringement. With this legal shield, trademark is protected from duplication by unscrupulous persons who wish to exploit reputed brands.
The third kind of intellectual property right, termed as patent, safeguards the rights of inventors in their innovative and useful invention. It gives them exclusive privilege of use and sale of their invention for a particular period.
There are some more intellectual property rights too which are less often enforced and used. Some examples of other types are traditional understanding cultivated by inhabitants of a particular area that is distinctive only to that area; trade secrets that include business secrets, for instance, KFC’s recipe; and positional pointers that are a variant of trademarks used for merchandise originating from a particular part of the world, for instance Champagne.
While all the three types of intellectual property mentioned above are different from each other there are also some similarities. All three are fully protected by the law and the rightful owner can take legal action to establish his right and claim compensation for any misuse.
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