Kinds Of Intellectual Property

Property does not just comprise of tangible things like homes, cars, furniture, currency, investments etc and such assets are not the only kind that can be safeguarded by law. Other kinds of property which are intangible in nature also exist. They are termed intellectual property and these are also secured by the law. Patents, trademarks and copyrights are the three primary categories of intellectual property.

Copyrights are intellectual property pertaining to rights of the creator over his or her original piece of work. Copyright protects all types of artistic creations including music, films, videos, paintings etc in addition to original writings. The copyright accords the sole right of ownership over the work in question in addition to rights to get financial benefits resulting from the work.

Trademarks in contrast are intellectual property that pertains to protection accorded to certain text, graphical representations and other marks that differentiate the origin of one product from the other. They safeguard the trademark owners from being economically exploited by counterfeiters.

The third type of intellectual property right, termed as patent, safeguards the rights of inventors in their novel and useful invention. A patent is valid for a predefined period and allows the holder exclusive right to use and sell his or her invention.

Some other, less often enforced intellectual property rights are also provided for by the law. Understanding passed on from generation to generation in a specific sect; exclusive and secret components or recipes which go into making popular products like Coca Cola; and location based descriptions, which denote certain products like Champagne, are some examples of this kind of intellectual property.

Though these types of intellectual property are separate from each other there are certain similarities between the three. All three are provided for by law in a way that allows the owners of the property to take legal action against the infringer and get compensation for infringement.

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