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Intellectual Property Assets

 


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Intellectual property is about first time creation of some new literary and artistic work, names, designs, inventions etc and can be basically divided into two broad categories. They are,

  • Industrial property
  • Copyright

Under industrial property comes various industrial inventions and patents, industrial designs and different location of sources of the property. Inventions can be patented only when it satisfies certain criteria. These include the fact that it should be of practical use and it must be a new concept not yet known in the concerned technical field.

In many countries patentability is excluded in certain areas and it is not possible to patent the following,

  • Scientific theories
  • Mathematical methods
  • Plant / animal varieties
  • Discovery of natural substances
  • Methods for medical treatment
Copyright is a form of intellectual property and a legal concept that gives the creator of an original work exclusive rights to it. This right may be only for a limited period of time. Once the time period is over the work will have to enter public domain which means anyone could make a copy of it under certain conditions.

What are the types of exclusive rights that the copy right holder can enjoy? He can,

  • Make copies of the work for selling
  • Can export/import the work
  • Can derive secondary work from the original
  • Can display the work in public
  • Can transmit by air/ video, online etc
Legal protection of intellectual property is very essential for success in business. Any company should protect its company's intellectual asset and must develop a management after a study of the market and geographical factors.

The author of this article is John Kessel of Managed Outsource Solutions , a US based company that offers legal outsourcing services in Legal Outsourcing and Legal Transcription for clients across the US.

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