INTELLECTUAL PROPERTY RIGHTS

How Do Intellectual Property Rights Meet the Needs of Today's World?

How do Intellectual Property Rights Meet the Needs of Today's World?

Introduction

Intellectual Property is the creation of the human mind. It pertains to the creation or production of something, which is new and useful. In addition, intellectual property can contribute in the useful consumption of global resources. Intellectual property can be sold by the creator to a third party, as well. This property can be purchased, hired or licensed due to which, the law gives legal protection to such creations by the human mind. As a result, intellectual property rights pertain to the legal rigts, which protect the originality of such creations. There are a number of examples of intellectual properties, which include books, paintings, inventions, and trademarks. Industrial property includes patents, industrial designs, and trademarks while copyright includes literary works and artistic works like novels, poems, musical works, plays, drawings, paintings, films among others.

The copyright rights envelops literary works, dramatic works, musical and artistic works. It also covers published editions of typographical arrangements. Besides the above mentioned, it covers sound recordings and films. Domain names are allocated on a first come, first serve basis. When a domain name is registered, the business making the registration does not own that domain name, but essentially leases the name for the period of registration. According to the UK copyright law, copyright becomes an obvious right every time an invention or new creation is produced by an individual or a company. Qualification of a work as a copyright depends on the originality of the work the work should show some degree of labour, judgment and skill.

Discussion

Intellectual Property Rights

Intellectual property has become one of the principal issues of international trade relations. Copyright and intellectual property issues have been a major area of concern for businesses or entrepreneurs who take initiatives by the invention of new techniques, products, or services. However, they do not have any control over others due to which they have to suffer enormous losses.

Intellectual property means, collectively, the literary and artistic property and, on the other hand, the industrial property. Intellectual property refers to products of the intellect. Among the various facets of intellectual property, there are properties pertaining to industrial, commercial, artistic, technical, scientific and literary.

The term “Intellectual Property” does not always have the same scope in the legislation, but it is currently in an open process of globalization to include two key systems: copyright and industrial property. This universal concept reached with the creation by the 1967 Stockholm Convention of the World Intellectual Property Organization to protect inventions, industrial designs, trademarks, literary and artistic works and performances, phonographic productions and broadcasts. Intellectual property rights have elements, which in the opinion of Robert Sherwood are the following:

1.They are exclusive rights, as they allow their holders to exclude from its operation and marketing to third parties.

2.They have mechanisms that allow the creation of law.

3.They have a limited ...