Kinds Of Intellectual Property
Property does not only comprise of tangible things like houses, cars, furniture, currency, investments etc and such assets are not the only kind that can be protected by law. There are other types 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. There are three primary types of property which come under this classification: patents, trademarks and copyrights.
Copyrights are intellectual property dealing with rights of an author or an artist over his or her original creation. It includes not only original literary pieces but also other types of creative expression like melodies, videos, films etc. Under copyright law, the owner of the work gets a number of privileges which include monetary rights to income generated from the work and acceptance as sole owner of that work.
In contrast, trademarks give the one who has registered it, the protection over certain graphical representations, words or marks which identify the creator or source of products to thwart replication and thus infringement. With this legal shield, trademark is protected from replication by unscrupulous elements who wish to exploit established brands.
The last intellectual property right is a patent, which is bestowed upon inventors to safeguard their original and useful creations and inventions. A patent is valid for a predefined period and allows the holder exclusive right to use and sell his or her idea.
There are some other intellectual property rights too which are less often enforced and used. Some examples of other types are traditional understanding possessed by inhabitants of a particular region that is unique only to that area; trade secrets that include company secrets, for example, KFC’s recipe; and positional indicators that are a variation of trademarks used for products arising from a specific part of the world, for instance Champagne.
Though these forms of intellectual property are separate from each other there are certain similarities between the three. Any of these are fully protected by the law and the rightful holder can take legal action to establish his right and claim reparation for any violation.
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