Intellectual Property Rights

Intellectual Property Rights (IPR) are legal rights that protect creations of the mind such as inventions, literary and artistic works, designs, symbols, logos, and names.
They enable the creators or owners to benefit from their own work or investment in a creation.
These rights are outlined in national laws and international treaties.

Copyright protects original creative works such as books, movies, music, paintings, photographs and software. It requires no formal registration and is automatically granted upon creation.
Patents grant property rights for new inventions, granting the inventor an exclusive right for a limited period, typically 20 years, in exchange for a public disclosure of the invention.
Trademarks protect brands, consisting of words, phrases, symbols or designs that identify and distinguish the source of goods of one party from those of others.
Design rights protect the visual design of objects that are not purely utilitarian. They include two types: registered and unregistered design rights.
Trade secrets are information that companies keep secret to give them an advantage over their competitors. There are no formal legal procedures to protect trade secrets.

Intellectual Property Rights encourage innovation by rewarding creators and making it possible for them to profit from their work.
They enable companies to earn recognition or financial benefit from what they invent or create.
Protecting IP helps to stimulate economic growth, creating new jobs and industries.

Breaching someone else’s IP rights can lead to serious legal consequences including fines and legal costs.
Examples of IP rights infringement include piracy, counterfeiting and plagiarism.
Infringement disputes can often be resolved through negotiation, or IP mediation and arbitration.
If an informal resolution is unsuccessful, litigation may be necessary where a court will determine whether infringement has occurred and what damages should be paid.

Different IP rights require different methods of protection. For example, trademarks should be registered to ensure full protection.
In the case of design rights, it’s beneficial to keep meticulous records of design stages to prove originality in case of disputes.
Preventing IP theft requires both legal strategy and physical and online security measures. This may include non-disclosure agreements, secure databases, and a vigilant approach to intellectual property.

Owners can exploit their rights by selling them, licensing them to others in return for royalty payments or by using them as collateral for obtaining finance.
Intellectual property valuation is a major issue when selling or licensing IP rights.
It is important for IP owners to seek professional advice when dealing with complex IP transactions.