What is Intellectual Property Right?
IPR full form is intellectual property right, which can be defined as rights acquired over a property created with the intellectual effect of an individual. The property is intangible in nature.
Classification of Intellectual Property Right
IPR is divided into 7 main branches or there are seven types of IPR under the TRIP(Trade-related aspects of IPR) agreements which are as follows:
- Patent Law
- Copyright Law
- Trademark
- Geographical indications
- layout design for IC
- Design Registration
- Confidential Information
Some of the IPR classifications are explained which are as follows:
Patent Law:
Patent law protects the device or process for carrying out an idea; the two critical requirements are-“The device or process” works in a new and inventive way and that is capable of industrial application. The economic justification for patent law is to encourage inventors, by creating an artificial monopoly for the exploitation of the inventions. Generally, patents need to be registered with a central authority. The patent owners have the exclusive right to make use of or sell the inventions.
Copyright Law:
Copyright is a legal concept that gives the creator of original work exclusive rights to it, usually for a limited period of time.
There are four main forms for remain in the event that copyright infringements take palace:
- An injunction to stop the production of further copies.
- A demand that all copies are surrendered to the copyright owner.
- Damages for losses suffered by the copyright owner.
- An account of profits made by the infringer.
Trademark:
Trademarks may be words or symbols, identifying the original owner of particular merchandise or product to which it is applied. By registering a trademark, the owner legally reserves the exclusive use of trademarks.
Geographical Indications:
Geographical indications of goods are defined as the aspect of industrial property, which refers to the geographical indications referring to a country or to a place situated there in an being the country or place of origin of that product.
Design Registration:
It is used to protect products distinguished by their novel shape or pattern. They are available for one-off items.