Intellectual Property – An Asset for Brand Security

Intellectual property refers to a person mind creation whether it can be an invention, a literature, a music lyrics or even a video log (which is quite common now a days and everybody knows about it). Intellectual property is generally used to get fame or recognition among the people or it can also be used for financial plus point because trade secrets and industrial designs also fall in the category of intellectual property.

The intangible sort of intellectual property creates some difficulties because it is undividable as compared to other properties like land or goods because if someone tries to invade or attempts to take over someone’s land, the land owner can protect it by building a boundary wall and can hire some guards to watch out for any disruption, but intellectual property owner can do very little to stop someone from pirating it or making duplicate copies for self-benefit or altering it for damaging someone’s reputation, that’s why intellectual property is protected by law. Intellectual property owner has some rights which is protected by the law. Intellectual property rights include patents, copyright, trademarks, industrial design rights, trade secrets and geographical indications.

INTELLECTUAL PROPERTY LAW

Intellectual property is protected by law for any misuse or duplication of the original work piece. Intellectual property law is the area of law that deals with legal rights to creative works and inventions. It watches that who is using the intellectual property with or with appropriate permissions from the owner. Intellectual property law gives protection to his intellect owner to make profit from its invention or creation and it is fair enough in the eye of both law and law makers. Intellectual property laws concern the ideas people have and the things that people create.The rules for claiming exclusive rights to a work and the rules for enforcing those rights vary depending on the type of the creation.

• Copyright
  Copyrights gives owner a protection and a right to use their own work. For acquiring copyrights, the work must be creative and significant. When you have the copyrights, it will become illegal for anyone to reproduce it or use it without permission.
   
• Patents
  Patent is ownership right given to a scientist or inventor for his masterpiece. It gives the right that no one can produce, sell or distribute at any cost in exchange for public disclosure of the invention.
   
• Trademark
  Trademark is also like copyright but it is not a document but it is a symbol, sign or picture used for distinguishing products or work-piece from others. Trademark helps a lot in business for protecting their brand. Reproducing a trademark is illegal as it is intellectual property and it gives uniqueness to product. The brand is also recognized by its trademark symbol.
   
• Industrial Design Right
  Industrial Design Rights give a person right of his work on design which can be implemented on large scale. In order to obtain that design, it must be purchased before implementing it else it can be challenged against Court of Law.
   
• Trade Secret
  Trade secret can be a formula, pattern, instrumental secret, list of ingredients etc. which is used for economical or popularity advantage over the other competitors. If someone gets hand on trade secret by an unlawful means, the rightful owner can take actions against according to the trade secret violation. But it is also responsibility of the business to take care of its trade secret.

INTELLECTUAL PROPERTY MANAGEMENT, RENEWAL AND ENFORCEMENT

Intellectual property law’s objective is to ensure and safeguard the owner rights for using it for financial prosperity as it takes hard work, patience and mind skills to produce something creative, thus it is their right to get fruit of hardship.
Intellectual property management is necessary for maintaining the rights which includes IP renewal and IP enforcement. Intellectual property consultation is required because taking expert opinion is always good if you are new or don’t have the appropriate knowledge of something. Intellectual property consultants are usually lawyers who practice this kind of law and deals problems regarding in it.

Intellectual property renewal means that the rights are need to be renewed once it is registered. Normally is registered for a period of 10 years so it gives a time period of 10 years before it needs to get renewed. For renewal of IP, fees is to be paid for validation. Renewal includes:

• Trademark renewal
• Copyright renewal

Intellectual property rights enforcement regards it the way of enforcing the rights in market place in order to get maximum yield from your intellectual property. If intellectual property rights are not enforced in an effective manner, the infringers will take benefits from it in the absence of it and gain advantage from your hard work. In short, without enforcing the intellectual property rights once cannot reap the full fruit from its creation and inventions.