Intellectual property rights

 

Intellectual property (IP) is the right of possession and control over the artistic and commercial creations of the mind. This is becoming increasingly important as we move into an information-based existence.

Protect such a major asset

Businesses need to be known and identifiable to protect their intangible assets in order to become or remain successful. Many businesses would agree that intellectual property represents a major portion of the asset value of their company.

Intellectual property rights can be broken down into different categories. The protection of the identity of a successful business, such as words, phrases, logos and symbols, form the basis of trademark law.

Another area that requires protection is creative expression - such as musical, literary and artistic works which are covered through the law of copyright. A third area of protection, particularly with regards to manufacturing, is designs for shapes and objects.

Finally, protection may be required for persons of an inventive nature to prevent exploitation of their ideas by using registered patents.

Thus, owners of intellectual property rights can be granted exclusive rights including the right to stop others using their property without permission and giving a monopoly right to exploit that property commercially.

Difficult ares of IP

The problem with intellectual property rights is that often the subject matter can be an item that could belong to society as a whole. Words, colours, shapes and even geographical locations are all examples, and therefore it can be difficult to register and claim ownership over such items.

The legal basis for identifying the existence and type of intellectual property rights must be very precise and technically ascertainable in order to ensure they do not overlap with the common conduct of society.

Furthermore, like most assets, intellectual property can be bought, sold, licensed or charged by way of security and these transactions must be drafted carefully in order to provide protection for all the parties involved.

If you would like to obtain legal advice on intellectual property rights then Contact Law can put you in touch with a local specialist intellectual property solicitor free of charge. So, if you have any questions or would like our help in finding local intellectual property solicitors please call us on 0800 1777 162 or complete the web-form above.

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