Intellectual Property Law: Objectives and Rights

Top IPR law firms in India are successfully helping people to understand intellectual property law. With intellectual property laws, innovation and creativity are protected properly.

Intellectual Property or IP is defined as the protection given to people over the creations of their minds, which have both moral and commercial value. Exclusive rights are granted by the intellectual property law to the author of an intellectual creation for benefiting the society with unique creation. Due to their limited scope, duration and geographical extent, these rights are called monopoly right of exploitation. There are certain rights and protections, which our legal system provides to the owners of property. These rights are based on federal patent, trademark and copyright laws. Intellectual property rights (IPRs) include protection of symbols, music & literature, words, discoveries, inventions, phrases and designs. Some of the intellectual property rights are:

  • Patents
  • Trade secrets
  • Trademarks
  • Copyrights
  • Service marks

Objectives of intellectual property law:

  1. Financial incentive: this right allows providing a financial incentive to the creator of intellectual property.
  2. Economic growth: Intellectual property law is necessary in maintaining economic growth as it gives statutory expression to the economic rights, and contributes towards economic and social development by encouraging fair trading.

Below is a summary of various types of intellectual property laws:

  1. Copyright: A copyright is a set of rights granted to the creator, which protects the expression of literary or artistic work. This is a frequently overlooked IP asset as the main focus is given to computer software companies and content creators. Copyrights protect original works of authorship and exist from the moment the work is created. A movie, sculpture, photograph, play, book, song, painting, recording or computer program, all comes under copyright protection.
  2. Patents: A patent is a document that grants rights to the holder to exclude others from practicing or using the invention. Patent is issued by the federal government and inventors are rewarded for their specific contributions.Patent is important to save an invention from theft and counterfeit. There are a lot of patent firms in India, which helps in obtaining the patent for any invention.
  3. Trademarks: Trademarks protect the names and logos and distinguish products and services of one trader/ manufacturer from those of another.