In growing corporate sectors Intellectual Property rights has been given far more importance as it represents the “Intellectual” minds of the whole entity. Intellectual property rights are given importance like physical property as people are realizing the need to protect their Intellectual property too. Growing awareness of economizing future ideas and regulation in law increased the growth of Intellectual Property Rights.
Copyright can be acquired for literary works, artistic works, computer programs/software, Musical work, and Dramatic works etc. An individual by acquiring copyright can preserve the originality of the work. Although it must be noted that registration of copyright is not compulsory. Meanwhile one can effectively contest the copyright infringement only if it is registered.
It is an Exclusive right available for business/organization by which they can acquire trademark rights for their business names/logos. Service mark is as same as trademark but it is given for service providing sectors. Now acquiring trademark protects you from serious wrongs like ‘passing off’. By registering your trademark you legally restrict others from using your mark. This increases transparency in your business.
The subject matter of patent can be anything under the Sun made by Man. Patents can be granted to the invention which is new, non-obvious and which has its own utility. After TRIPS agreement India started providing product patents for prahma/research laboratories. This is a significant step towards the patenting procedure. By acquiring product patent the firm’s invention is totally prevented, Thereby increasing the competition in the market.
Any designs which are new or original subject to approval are entitled to be protected. Registering the designs keeps the designs at the high level of competitive progress.
Intellectual Property Rights gives you the license to sue if there is any infringement by any means.