Property does not only comprise of tangible things like houses, cars, furniture, currency, investments etc and such assets are not the only type that can be protected by law. There are other kinds of property too which are recognized by law and safeguarded within the legal framework and these are termed intellectual property, which can be secured against exploitation by others. The three primary types of intellectual property rights are copyrights, trademarks and patents.
Copyright is an intellectual property safeguard that is given by law to an author or any other kind of creator for a unique composition or development. It includes not just original literary pieces but also other forms of artistic expression like melodies, videos, films etc. It bestows the owners with several rights including monetary and moral rights besides the right of being known as the creator of the piece.
Trademarks in contrast are intellectual property that pertains to protection given to certain text, symbols and other marks that distinguish the source of one item from the other. They safeguard the trademark holders from being economically exploited by counterfeiters.
The third kind of intellectual property right is the patent, which is bestowed upon inventors to protect their inventions and creations. A patent is valid for a specified period and allows the holder exclusive right to use and sell his or her idea.
There are some more intellectual property rights too which are rarely registered and used. Understanding carried forward from generation to generation in a particular sect; exclusive and secret components or recipes which go into making successful products like Coca Cola; and geographical position based descriptions, which denote certain merchandise like Champagne, are some examples of this type of intellectual property.
These three kinds of intellectual property are quite distinct from one another for the most part but also possess certain commonalities. All of these are safeguarded within the provisions of the law and the rightful owners can take refuge in a court of law and claim compensation in case of any infringement.
Copyright is an intellectual property safeguard that is given by law to an author or any other kind of creator for a unique composition or development. It includes not just original literary pieces but also other forms of artistic expression like melodies, videos, films etc. It bestows the owners with several rights including monetary and moral rights besides the right of being known as the creator of the piece.
Trademarks in contrast are intellectual property that pertains to protection given to certain text, symbols and other marks that distinguish the source of one item from the other. They safeguard the trademark holders from being economically exploited by counterfeiters.
The third kind of intellectual property right is the patent, which is bestowed upon inventors to protect their inventions and creations. A patent is valid for a specified period and allows the holder exclusive right to use and sell his or her idea.
There are some more intellectual property rights too which are rarely registered and used. Understanding carried forward from generation to generation in a particular sect; exclusive and secret components or recipes which go into making successful products like Coca Cola; and geographical position based descriptions, which denote certain merchandise like Champagne, are some examples of this type of intellectual property.
These three kinds of intellectual property are quite distinct from one another for the most part but also possess certain commonalities. All of these are safeguarded within the provisions of the law and the rightful owners can take refuge in a court of law and claim compensation in case of any infringement.
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