In this article, Intellectual Property (IP) is explained in brief.
IP is an asset produced through creative thinking, including brand names, symbols, innovation, literary works, and designs.
Intellectual Property Rights (IPRs) are legal rights provided to the originator of an Intellectual Property. In India, IP Rights are protected by the Intellectual Property Rights (IPR) Office, also known as the Office of the Controller General of Patents, Designs, and Trade Marks (CGPDTM).
Protecting intellectual property serves the goal of –
- Encouraging creativity and innovation
- Prevent unauthorised use of work and gaining profit
- Protect original work
There are various types of Intellectual Property. Few of those are mentioned below –
- Patents protect inventions and innovations, granting exclusive rights to the inventor for a period of twenty years from the date of filing the application.
- Trademarks provide protection to the brand name, symbol, logo that distinguishes the goods and services from those of its competitors. The registration of trademarks shall be valid for a period of ten years but may be renewed from time to time.
- Copyrights provide protection to the original literary, artistic, musical works providing creators the exclusive rights to reproduce or distribute their work. The general rule is that copyright lasts for 60 years.
- Geographical Indication is given to the product that is associated with a specific place of origin. A GI tag can be registered for a maximum of 10 years, with the possibility of extension.
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