What Is Intellectual Property, and What is the Importance of intellectual property?Thank you for reading this post, don't forget to subscribe!
What Is Intellectual Property?
Intellectual property is a system of legal protection of human ideas. If it’s a familiar object (car, phone, bag, etc.) or property, you can prove it was physically stolen. However, information such as ideas or creations can be easily stolen by others seeing or hearing them. Also, if this information is stolen by someone else, it will be difficult to prove it.
Therefore, in modern society, the system of intellectual property is used. Now let me explain what intellectual property is and how it is used. For example, let’s say you have an innovative idea and want to create a product that no one has seen before. Imagine a world without bicycle air pumps. So let’s say you built a bicycle air pump by trial and error (let’s say you built it again after about 10 or more failed attempts). If you sell it, you can make a lot of money, but if you present the finished product to the world, other people will see it, pick it apart and easily do the same. Now think how it would change if there was an intellectual property system.
Intellectual property important point:
- Intellectual property is like a rooftop with four towers, whose shadow is an intangible asset or collection of assets that do not physically exist.
- Intellectual property is the property of individuals or companies that is protected from unauthorized use.
- Intellectual property is the collective name for various types of assets such as trademarks, patents, copyrights and industrial designs.
- Infringement of intellectual property rights is the involvement of a third party in the unauthorized use of assets.
- Legal protection for intellectual property is for a certain period of time which expires at the end of the period. But this time can be extended
Discernment of Intellectual Property:
Companies work hard to identify and protect their intellectual property. This is because intellectual property is so important in today’s increasingly knowledge-based economy. Furthermore, the production of valuable intellectual property requires large investments in intelligence and skilled labor hours. It leads to large investments by organizations and individuals and should not be accessed without the rights of others.
Deriving value from intellectual property and preventing others from deriving value from it is an important responsibility of any company. Intellectual property can take many forms. Intellectual property is an intangible asset, but it can be more valuable than a company’s physical assets. Intellectual property can represent a competitive advantage and as a result is closely guarded and protected by the company that owns the property.
Intellectual property types:
Intellectual property can consist of many types of intangibles, and some of the most common are listed below.
A patent gives to the inventor the exclusive right to use and sell the invention for a limited period of 20 years. It can be a design, a process, an improvement, or a physical invention such as a machine. Technology and software companies are required to obtain patents for their developments. The grant of a patent prevents others from making, using, or selling the invention. Patent protection does not begin until the actual patent has been granted. The owner of a patent has the right to decide who can use the patented invention as long as it is protected. Moreover, the patent owner may grant other parties permission or a license to use the invention on mutually agreed terms. Otherwise, the owner may sell the rights to the invention to another person, who then becomes the new owner of the patent. When a patent expires, protection ceases and the invention enters the public domain. This means that the owner no longer has exclusive rights to the invention, which is available for commercial use by others. Read Int. Patent System
Copyright is a type of weapon given to the creator to protect his creation by giving the authors and creators of original content the right to use, copy or reproduce their content, like music artists. Books are owned by the authors. Copyright also states that the original creator will allow anyone by agreement to use the work if they wish. Read Int. Copyright System
A trademark is a recognizable symbol, phrase or mark representing a product that legally distinguishes it from other products. Trademarks and trade names are exclusively owned by the company, which means that the company owns the trademark so no one else can use or copy it. A trademark is often associated with a company brand. For example, the logo and trademarks such as “Samsung mobile” or “Samsung tv” are owned by Samsung. Read Int. Trademark System
A franchise is a license granted to a franchisee of a company, individual or party to use the franchisor’s name, trademarks, proprietary know-how and processes. Franchisees are typically small business owners or entrepreneurs who operate stores or franchises. A license allows a franchisee to sell products or provide services in the company’s name. In return, the franchisor is paid initiation fees and ongoing license fees by the franchisee. Examples of companies that have adopted the franchise business model include Gloria Jeans and Nandos Corporation.
A trade secret is a corporate practice or process that provides a financial benefit or advantage to a company or trade secret holder and is not public information. Trade secrets must be actively protected by the company and are usually the result of company research and development (which is why some employers require non-disclosure agreements (NDAs)). ). Examples of trade secrets include designs, patterns, compositions, formulas, or proprietary processes. Trade secrets are used to create business models that differentiate a company’s products to customers by providing a competitive advantage.
Infringement of intellectual property rights:
Intellectual property rights come with certain rights, known as Intellectual Property Rights (IPR), and cannot be violated by those who are not authorized to use them. Patent infringement occurs when a protected patent is used without permission by another person or company. Patents filed before July 10, 1990 are valid for 20 years, while patents filed after that date are valid for 20 years. Read More
Occurs when an unauthorized third party reproduces all or part of an original work, such as a work of art, music, or a novel. Reproduced material does not have to be an exact copy of the original and will be considered copyright infringement.
Similarly, the use of a licensed trademark or a mark similar to a licensed trademark by an un-authorized party constitutes trademark infringement. For example, competitors may use similar marks to undermine their business and attract their customer base. In addition, companies in unrelated industries may use identical or similar trademarks to leverage the strong image of other brands.
Trademark Secrets infringement:
Often trade secrets can be protected by non-disclosure agreements (NDAs). If the parties to an agreement disclose all or part of a trade secret to a disinterested party, they are in breach of the agreement, and breach of the trade secret would be an offense in the absence of an NDA. , you may be guilty of a trade secret violation.
Penalties for infringement of intellectual property rights range from fines to imprisonment.
Important Tips for Avoiding Intellectual Property Infringement:
Most often, a person unknowingly commits multiple offenses. To avoid being sued for intellectual property infringement, make sure your business does not use copyrighted or trademarked materials and make sure your brand or logo is distinct from others. It doesn’t match in that it could reasonably mislead someone into thinking it’s something else. please give me. If not, you can obtain a license through the appropriate channels.
We have an IP attorney who specializes in this process to make sure you are not using someone else’s protected IP. If you hire someone to do creative work for you or your company, make it clear in the contract that any creative work created becomes the property of the company, not the creator . . you hired. Read More
What we do?
As a full-service IP law firm with a team of over 57 attorneys, who practice exclusively in the IP, Corporate, Family, and Criminal fields. We offer strategic counsel to clients concerning all aspects of intellectual property.
Because we understand the current trends of the global market. We help both small businesses and international corporations alike understand and leverage their IP Rights like patents, trademarks, Copyright & Design. And, with a worldwide network of associates in a wide range of technical disciplines, we can readily assist our clients wherever they do business.
Whereas we are also lawful proficient specialists to cater to a wide run of maker justify security administrations given for a long time. As well as we always support personnel to provide fully integrated high-quality legal services in all aspects to our clients comparatively to others. Even we are committed to providing responsive and courteous legal services. And give all types of stages of Intellectual Property Rights Attorneys getting registration successfully from Intellectual Property Organizations.
We also complete our work within a short span of time. Besides, We have become IP Rights specialists. We cater to the wide extent of maker rights security administrations given for a long time. We continually empower staff to deliver fully integrated high-quality legal administration. Our legal services are in all approaches to our clients.
We invite you to learn more about our Law Firm. In addition, We can be of help to your company’s valuable Intellectual Property assets. Moreover, to get your creation protection rights it is most important to register your work with the appropriate government authority in Pakistan. Intellectual Property Organization (IPO-Pakistan) works under a unified and integrated management system of a federal government agency, which is authorized to deal with Intellectual Property registration. Read More
100% Reliable top Intellectual Property law firms. Its vision in Pakistan wants to reach the great heights of the Firm and wants to do it very honestly. Furthermore, it wants to provide World-class legal services to their client. Our law firm is profitable, ambitious, cooperative, and considerate, supporting our clients and people through their global business principles of quality, unity, and integrity.
We successfully built our second office in Islamabad, which is the capital of Pakistan. Likewise, We want to set up branches in all cities in Pakistan without any hindrance. As well as we also promote a culture of respect for the individual. we expect to deliver work that meets the highest professional, ethical, and business standards. We did build up long-term relationships with our clients by being trustworthy, openly, and Fairly. We hope for its vision in the near future because we became a 100% reliable IP Law Firm.
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