Intellectual Property means a property created by human brain. It refers to: 1. A number of distinct types of creations of the mind for which a set of exclusive rights are recognized 2. The corresponding fields of law
It was called 'Industrial Property' in the beginning but after the Paris Convention for the Protection of Industrial Property, 1883 in which other rights such as Copyright, Rights in Performance etc. came into existence and hence the term is renamed to 'Intellectual Property'.
Like other forms of movable property, such as land etc., Intellectual property can also be sold, mortgaged, leased etc. However, unlike movable property, the actual property is often not moved. It is merely the assignment (right) over the intellectual property is that is moved. The assignment has to be given by way following the proper law such as the Indian Contract Act, 1872.
- Intellectual Property creates legal rights and duties associated with creative efforts or commercial reputation and goodwill.
- Intellectual properties are 'Choses in action'.
- Infringement of rights concerned to intellectual property amounts to theft.
- Principles of Intellectual Property are almost the same in every country.
- Intellectual Property is intangible, incorporeal property.
- Intellectual Property is a bundle of rights - legal provisions, rights, duties, modes of acquisition and remedies altogether
Intellectual Property includes a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. Common types of intellectual property rights include copyrights, trademarks, patents, industrial design rights and trade secrets in some jurisdictions.
Forms of Intellectual Property
- Rights in Performance
- Law of Confidence
- Registered Design
- Design Right
- Passing Off
- Trade Libel
- October 9, 2015: Goa Declaration containing 10 point Action Plan issued at the end of the 11th Asia Europe Meeting (ASEM) of the Directors General-Commissioners of the Customs