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1. What does intellectual property include?

2. What is a patent?

3. How do you understand the term “intangible property”?

4. What are IP owners granted?

5. How is trademark defined?

6. Why must not a trade secret be disclosed?

7. Why is the protection of IP so important?

Intellectual property, often known as IP, is fast-moving and sometimes complex area of law. It covers a wide range of diverse issues and allows people to own their creativity and innovation in the same way they can own physical property. IP refers to the creations of mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce. The term “intellectual property” is connected with the intangible products of the intellect.

Under IP law owners are granted certain exclusive rights to a variety of intangible assets. Like other forms of property, IP can be bought and sold. IP laws are applicable both to natural persons and legal entities. Some of company’s most important assets are its intellectual property rights, which include patents, copyrights, trademarks, and trade secrets must be protected and secured. There are four general types of IP: (1) patents, (2) trademarks and trade dress, (3) copyright, (4) trade secret. The ability to recognize and protect IP is important in businesses. Under Internet networks global expansion intellectual property laws have been updated to provide protection of domain holders, Internet site owners and computer software owners.

A patent is an exclusive right to make, use, and sell a new and useful process, machine, or product, granted to inventor for a certain period of time.

Trademarks are generally names, logos or drawings used to indicate the identity of a business. Trademark status may also be granted to distinctive and unique packaging, colour combinations, building designs, and overall presentations. Service-marks also receive legal protection but are meant to distinguish services rather then products.

Copyright applies to original creations in the literary, dramatic, musical and artistic fields, sound recordings and broadcasts, including software and multimedia.

A trade secret is a business process or information that can’t be patented, copyrighted or trademarked, and that must be protected from disclosure. A trade secret is defined by law as information including a formula, pattern, programme, device, method, technique or process used in a business. This information gives its owner an opportunity to gain advantage over competitors, and thus must not be disclosed.

A domain name is the strings of letters used to name organizations, that is an address of a computer network connection identifying the owner of the address. Industrial designs protect elements of product appearance (that is shape or pattern, not function) resulting from the feature of lines, colours, shape, texture of the product itself or its ornamentation.

Each of the areas is governed by statutes which set out conditions for creation, the process of registration, rights of the registered owner, remedies for infringement and rights of the public to use the property.

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