Types Of Intellectual Property
Tangible assets like a house, jewellery, money, investments, vehicles etc are not the only types of property that one can possess and claim protection under the law. There are various other forms of non-material property termed as intellectual property that have been recognized under the law and granted protection against misuse. The three primary kinds of intellectual property rights are copyrights, trademarks and patents.
Copyright is an intellectual property right that is granted by law to an author or any other kind of creator for a unique composition or development. It includes not only original writing pieces but also other types of creative expression like melodies, videos, films etc. The copyright bestows the sole right of ownership over the work in question besides rights to get monetary benefits resulting from the work.
Trademarks afford intellectual property rights which aim at pre-empting duplication and exploitation of graphical representations registered by a person for his own products, and they help a consumer easily identify the origin of a product. With this legal shield, trademark is protected from replication by unscrupulous elements who want to misuse established brands.
The final intellectual property right is a patent, which is granted to inventors to safeguard their original and useful creations and inventions. It gives them exclusive privilege of usage and sale of their invention for a specific span.
There are a few other less common kinds of intellectual properties that can be owned by people. Some examples of other types are traditional understanding cultivated by inhabitants of a specific area that is distinctive only to that area; trade secrets that include business secrets, for example, KFC’s recipe; and positional pointers that are a variant of trademarks used for products originating from a particular part of the world, for instance Champagne.
Though these types of intellectual property are distinct from each other there are certain commonalities between the three. All of these are protected within the legal framework and the rightful holders can take legal action in a court of law and claim reparation in case of any violation.
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