The number of various types of legal monopolies over creations of idea, both artistic and commercial, and the corresponding fields of law is called Intellectual property (IP). Under intellectual property law, owners have exclusive rights to several intangibles such as musical, literary, and artistic works; ideas, discoveries, and inventions; and words. phrases, symbols, and designs. Copyrights, trademarks, patents and trade secrets are four main kinds of intellectual property.
Copyrights give lawful rights to published and unpublished original works. They protect the owner’s rights over pieces like musical scores, poetry, films, novels etc. It gives legal rights to the creator to use the expression of his or her original work in addition to reproducing, distributing, exhibiting or even selling it with complete freedom within the time decided by law. The creator has a claim over his work for more than 50 years, which is valid even after his death and any unlawful use of the creation within this time is treated as an offence.
Patents on the other hand are lawful and official rights that enable an inventor to prevent others from reproducing or selling his or her invention. Typically they are applicable to new theories in the realm of science, inventions in the field of technology and even biological discoveries. The legal cover offered by a patent in most nations is for a span of two decades, after which the invention ceases to be the sole property of the patent owner.
Trade secrets are certain confidential pieces of information that enable a company to score over its competitors in the market. A trade secret could mean anything ranging from a customer database with the contact information of most valuable customers to a unique recipe or even a confidential report. Usually, trade secrets are not governed by any government agency but by strict internal standards and policies of the particular company. Two methods used most often to protect a trade secret are storing it in a bank vault or confining it to a restricted number of executives, so that it is not accessible to several people and thus stays secure.
Trademarks are words, logos and designs that symbolize a particular brand or firm and separate it from the rival brands. Trademarks develop an exclusive brand identity for a firm and generate quick recall in the minds of consumers. Mostly trademarks hold good for 10 years after which a renewal is often required.
Discover more about trademark registration Singapore and discover how does an patent lawyer and IP protection increase the net worth of your business very fast.
categories: trademarks,patents,ideas protection,business idea protection,protecting business ideas,business value,copyright,Intellectual property,IP law
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