Intellectual Property Law Essay

543 Words 3 Pages
Intellectual property (IP) rights are legally recognized rights to developments of the owner. Under the intellectual property law, owners are given exclusive rights to an assortment of elusive possessions, such as literary, musical and artistic works; inventions and discoveries; and phrases words designs and symbols. Common types of intellectual property rights may include copyright, trademarks, patents, industrial design rights and trade dress.

Patent
A patent is a right given to the owner of an invention that restricts others from making, using, importing or selling the invention without his or her permission.
A patentable invention can be a product or development that gives a new technical solution to an existing problem. It can also be a new practice of doing things, the composition of a new product or a technical improvisation on how certain objects work.
When granted, its term of a patent is 20 years from the Date of Filing, subject to the payment of annual renewal fees.
The benefits of patent restricts others from exploiting your inventions, you can deploy it to create revenue for your business, license it to third parties for commercial returns or sell the patented invention.
For an invention for it to be patentable it has to satisfy three criteria, which are: new, an inventive step and have industrial application
Trademark
A trade mark is a sign that you can use to differentiate your business’ goods or services from those of other traders. A trade mark can be…