Advantages And Disadvantages Of Intellectual Property

1381 Words6 Pages
TITLES There are three common types of intellectual property; patents, trademarks, and copyrights. First, the patent which is a privilege of the property right owned by the inventor, in other words it is the property right of an invention. The duration of the patent is twenty years from the time when the inventor invented the invention. There are some people who sell a patent product without the authorization of the patent holder; this process is called infringement. If the patent holder discovered this violation then he/she can bring his/her case to the courts. If the law announced the patent’s holder right then he/she would claim all of the profit which the infringer had received; in addition to the responsible royalties. In the process of…show more content…
The advantages and disadvantages of the intellectual property in general; the first advantage of intellectual property is that the legal fees is not existing, the second advantage is the freedom in developing or changing the idea, the third advantage is the potential to lead the competition because of being the first competitor or first seller, but still indeed the movement in some markets is so fast that the intellectual property or in other words the IP is not worth the wait. There are three disadvantages of the intellectual property in general; firstly, the usage of the idea which was developed by the person who own the IP can be by anyone, secondly, someone else could actually protect it, finally, there is no guarantee that the owner of the intellectual property will be rewarded. The first type of intellectual property is patents which have some advantages and disadvantages; the first advantage is the patent banns legally anyone other than the inventor from using the invention, the second advantage is that only the existence of the patent destroys the competitors, the third advantage is that the patent last twenty years which is an enough time for the inventor to make and develop his/her market with the customers, the fourth and final advantage is that the patents are very attractive for the investors because the competition is almost not effective to the patent holder. As there are some advantages for patents there are also some disadvantages; first, in the process of establishing patent the applicant is required to donate both money and time, second, every new application for a patent has to be researched in order to find that there is no other patent that is no identical patent existing- in order to that search the applicant is required to pay fees, thirdly, it is
Open Document