Intellectual property is an umbrella term for a set of intangible assets or assets that are not physical in nature. Intellectual property is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are copyrights, patents, trademarks, and trade secrets.
i. Patent
A patent is an exclusive right granted for an invention which is a product that is a result of a person's ability to do something or offers a new technological solution to a problem. Section 2(a) of the Patent, Design and Trademark Act, 2022 has defined the term "patent" means any useful invention relating to a new method of process or manufacture, operation, or transmission of any material of a combination of materials, or that made based on a new theory or formula.
ii. Design
An industrial design constitutes the ornamental or aesthetic aspect of an article. A design may consist of three-dimensional features such as patterns, lines, or color, or of two-dimensional features such as the shape or surface of an article. Section 2(b) of the Patent, Design and Trademark Act, 2022 has defined the term "Design" means the form or shape of any material manufactured in any manner.
iii. Trademark
A trademark is a sign capable of distinguishing the goods and services of one enterprise from another. These are basically a means to protect the unique identity of renowned brands. It enables a customer to recognize the brand or the product instantly without being misled. An example of a trademark would be the logos or slogans used by brands to make their products uniquely identifiable. Section 2(c) of the Patent, Design and Trademark Act, 2022 has defined the term "Trade-mark" means a word, symbol, picture or a combination thereof to be used by any firm, company, or individual in its products or services to distinguish them with the product or services of others.
iv. Copyright
Copyright is available to the creators of literary, dramatic, musical, artistic, and producers of cinematograph acts or sound recordings. It determines whether and in what conditions the original work may be used by persons other than the owner of the unique intellectual property. The Copyright Act, of 2059 has not defined the term copyright but protected the copyright of its owner by providing copyright protection to some works.
Section 2(a) of the Copyright Act, 2059 has stated that "Work" means any work presented originally and intellectually in the field of literature, art, and science and in any other field, and this term also includes the following works:
- Book, pamphlet, article, thesis,
- Drama, dramatic music, dumb show, and a work prepared to perform in such a manner,
- Musical notation with or without words,
- Audio-visual works,
- Architectural design,
- Fine Arts, painting, work of sculpture, work of woodcarving, lithography, and other work relating to architecture,
- Photographic work,
- Work of applied art,
- Illustration, map, plan, three-dimensional work relating to geography, and scientific article and work,
- Computer program.
v. Commercial Goodwill
Commercial goodwill is a prominent form of incorporeal right. The goodwill of a commercial business is a valuable right acquired by the owner by his labor and skill. The owner has the exclusive right to use and profit from the business and anyone who seeks to make use of it by falsely representing to the public that he is himself carrying on the business in question shall be violating this right.
Importance/Features of Intellectual Property
Intellectual property is important because of the following features:
1. Economic in Nature
Intellectual properties have economic value because the owner of intellectual property can money by selling that property to others. For example, a copyright owner can transfer his copyright in any intellectual property like a book or movie to another for money.
2. Transferrable
Intellectual property has another benefit that is it can be easily transferrable to others if the owner of Intellectual property wishes to do so. For example, a patent owner of any medicine can transfer his parent's right to another company or person to make the same medicine.
3. Right against the whole world
The owner of Intellectual property has also the right to his intellectual property against the whole world and it is protected under international and national law. For example, a literary work or invention of anything of any person who finds such a thing is protected by the Copyright Act 2059, and the Patent, Design and Trademark Act, 2022.
4. Full Ownership
The person who creates or finds such goods or things which are intellectual properties in their nature then that person has full ownership in it and acquires a valid title against the whole world.
5. Virtual in Nature
The intellectual property is virtual in its nature and it cannot be touched or seen in any manner because it has no physical existence but it has monetary value.
In conclusion, intellectual properties mean those properties that are the creation of intellectual capacity of persons and rights over such creations assigned to them (real creators of intellectual properties).