Why Intellectual Property Rights?
Intellectual Property is an Intangible Property or Proprietary Asset, which applies to any product of the human Intellect that has commercial value.
Intellectual Property Rights (I P Rights) are one’s Legal Rights in respect of the ‘Property’ created by one’s mind – such as an Invention, or Piece of Music, or an Artistic Work, or a Name or Slogan or Symbol, or a Design, which is used in Commerce, in the form of Books, Music, Computer Software, Designs, Technological know-how, Trade Symbols, etc.
These rights are largely covered by the Laws Governing Patents, Trademarks, Copyrights and Designs. These various Laws protect the holder of IP Rights from third party encroachment of these Rights. It also allows them to exercise various exclusive Rights over their Intellectual Property.
Intellectual Property Laws and Enforcement vary widely from Jurisdiction to Jurisdiction. There are Inter-Governmental efforts to harmonies them through International Treaties such as the 1994 World Trade Organization (WTO) Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs), while other Treaties may facilitate Registration in more than one Jurisdiction at a time.
With Companies, Institutions and Individuals Constantly forging ahead in newer fields and Geographical Territories and with path breaking Inventions becoming the Norm, the field of Intellectual Property Rights has assumed primordial importance, especially in emerging economies like India.