Intellectual Property Patents

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What are the different types of IP Rights (Patents, Copyright and Registered Designs)? Intellectual Property (IP) is a legal concept that refers to the creations of the human minds for which exclusive rights are recognized. A variety of tangible assets are granted rights to the owners, artistes or innovators for a specified duration. IP is an intangible asset to a company as it gives commercial business partner and financial institutions the confidence to invest or in any way collaborate with the business. Business owners will also be able to maximize the value of their Intellectual Property by ways such as franchising, transaction or licensing. What is a patent? To prevent others from using, making, importing or selling the invention without his permission, a patent is the right granted to the invention's owner. A invention would be patentable if it is a product or a process that provides a problem a new technical solution. It can also be the composition of a new product, a new method of doing things, or even a technical improvement on how certain objects work. A patent's term is 20 years from the date of filing and is subjected to the payment of annual renewal fees once it is granted. Key Criteria for invention to be patentable New Owners of all inventions must be cautious and careful to keep the invention a secret until the application is successful. The novelty of the invention may be compromised if the idea has already been commercially exploited or advertised. A non-disclosure agreement must be drawn up if the invention needs to be disclosed to a third party. Invention will receive a 'Patent Pending' status once a Date of Filing has been obtained; applicant can disclose the invention to those parties that are interested.... ... middle of paper ... ... in, another article so that either one can perform its function. Benefits of registering a design Apart from obtaining a right to ownership and the right to prevent others from using your design without permission, you can also use it to license it to third parties for commercial returns, sell the design for a sum of money or to better protect your market share by barring copying by others. Intellectual property (IP) contributes a great deal to economies. Dozens of industries rely on the ample enforcement of their patents and copyrights, while consumers use it to ensure they are purchasing secure, guaranteed products. IP rights are worth to be protected both locally and overseas. Protection of IP is a non-partisan issue where these rights are embraced by all sectors of industry, consumer groups, labor organizations, and other trade associations we bring together.

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