Various Types Of Intellectual Property
Tangible assets like a shop, jewellery, currency, investments, vehicles etc are not the only kinds of property that one can possess and claim protection under the law. There are many other types of intangible property termed as intellectual property that have been recognized under the law and granted protection against infringement. The three primary kinds of intellectual property rights are copyrights, trademarks and patents.
When an author has brought out an original composition, he or she owns the copyright over this work and is granted ownership for them. Copyright safeguards all forms of artistic creations including melodies, films, videos, designs etc besides original writings. The copyright accords the sole right of ownership over the piece in question besides rights to get financial benefits resulting from the work.
Trademarks bestow intellectual property privileges which aim at preventing replication and violation of graphical representations registered by a person for his own products, and they help a customer easily tell the origin of a product. They safeguard the trademark owners from being economically exploited by counterfeiters.
The third type of intellectual property right, known as patent, safeguards the rights of inventors in their innovative and beneficial invention. Patents are valid for a predetermined period within which the holder can enforce his exclusive right to sale and other commercial use of his invention.
Some other, less often found intellectual property rights are also provided for by the law. To cite some instances of these uncommon intellectual properties, they can be some special understanding passed on by a particular family only; business secrets like recipes behind popular products; and location based symbols or marks to refer to a product arising from that location, like Champagne.
While all the three types of intellectual property mentioned above are distinct from each other there are also some similarities. All three are provided for by law in a manner that enables the owners of the property to opt for legal recourse against the violator and get compensation for infringement.
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