Intellectual property rights, commonly abbreviated to IP rights, refer to the rights owed to the owner of intellectual property that are protected by law. The intellectual property must have the potential to be used in commerce and to make an economic return in order for the owner to obtain rights over the property. It is advised that you seek the guidance of a professional consultancy firm or attorney that specializes in all areas of intellectual property law to help you successfully acquire exclusive rights over your creation.
Intellectual property rights explained
Intellectual property rights are the exclusive ownership and usage rights over a creation within the boundaries of countries where the creation is registered. IPR’s are often difficult to obtain depending on the type it is and your country of domiciliation. IP rights can be in the form of copyright, trademarks, patents, and industrial property.
Benefits of holding intellectual property rights:
- By obtaining IP rights, you will have exclusive ownership over the property (recognized by law), which means third parties cannot use your creation without your permission.
- Moreover, third parties are refrained from registering the same or a similar creation/mark/design to your registered intellectual property in the countries you are registered in.
- You also have the right to take legal action and seek the appropriate remedy where your intellectual property rights are infringed by a third party.
Intellectual property rights will typically fall into one of the following categories:
Copyright –involves literary or artistic works such as novels, music, art or poems etc.
Patent –invention or idea that has the potential of being used in commerce in the future
Trademark –a trade or brand name used in commerce as an identity or representation of your business
The above three forms of intellectual property rights can be sought by any owner seeking exclusive rights to prevent third parties or competitors from using their property without their permission.