Intellectual property Rights, Copy Right, Trade Mark, Geographical Indicators, Trade Secret

INTELECTUAL PROPERTY (IP):

• IP refers to intangible assets which are in the form of creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images.
• Intellectual property (IP) Rights refer to the rights given to the individuals over their IP.
• IP rights are used for legally protecting the IP of individual to avoid its commercial use by any company or individual other then the owner without consent.

Rationale of Intellectual property (IP) Rights:

• Intellectual property (IP) Rights attempts to strike the right balance between the interests of innovators and the wider public interest.
• IP system aims to foster an ecosystem of creativity and innovation. 

1. The World Intellectual Property Organization (WIPO) manages the issues related to Intellectual property (IP).
2. Rules related to IP are governed by WIPO while TRIPS is governed by WTO. 

Categories of Intellectual Property Rights:

There are seven categories of Intellectual Property rights covered under TRIPS agreement:

●        Copyright

●        Trademark

●        Patent

●        Industrial Designs 

●        Geographical Indicatiors

●        Integrated Circuits

●        Trade Secrets

COPYRIGHT: 

The copyright is protecting the literary and artistic works that comprises of books, Computer programme , films etc.

PATENT:

Patent is a type of intellectual property right that provides protection over any novel invention and gives the exclusive right to sell, use, create and/or manufacture the patented product for a specified period of time.

TRADE MARKS: 

• These are sign, or any combination of signs, that can distinguish the goods and services of one institution/ organisation from those of other institution/organisation.
• A Trademark License is granted to legally permit a third party to make use of the Registered Trademark. 
• The granting of the Trademark License is not a sale.
• Transfer of ownership and rights over the Trademark to any other person or entity is known as Trademark Assignment. 
• Licensing only transfers the right to use the trademark while the ownership of the trademark rests with the proprietor (owner) himself.
•  The rights granted are limited rights w.r.t. time and can range from right to use the trademark, sell the products etc. 

TRADE SECRET: 

Trade Secret is secret which is exclusive to the competitors and that provides competitive advantage to any business. Example:

●        KFC’s secret blend of 11 herbs and spices.

●        Coca-Cola’s recipe for their signature drink.

●        Bikanerwala Bhujia

Geographical indications (GI):

• Indicators which identifies the originating territory of the good. 
• The given quality or other characteristic of the good are essential attribute of its geographical origin as these attributes are exclusive to the geographical origin of the good.

Industrial designs:

Industrial designs created in industries that are new or original in the sense that these designs should be  significantly differ from known designs .