The three things everyone must know about Intellectual and Industrial Property Rights
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IP Rights or Intellectual property rights are defined as:
1. A category of intangible rights protecting commercially valuable products of the human intellect. Th category comprises primarily trademark, copyright, and patent rights, but also includes trade-secrets, publicity rights, moral rights, and rights against unfair competition.
2. A commercially valuable product of human intellect, in a concrete or abstract form, such as a copyright work, a protectable trademark, a patentable invention, or a trade-secret. (Black's Law Dictionary)
One of the most common misconceptions that we as a lawyers face in contact with clients is that they believe that IP Law upon granting IP Rights on a protected work will grant them exclusive rights to the idea behind the work in question. But in fact IP Law on grants such rights on the works of IP not on the ideas behind them.
IP Rights are there to protect works of human intellect not ideas themselves.
What this means is that protection for IP Rights is granted only on the territory or territories where such protection is requested by the holder of these rights. The idea that since I own the rights to an IP Work, therefore I should be able own these rights anywhere a d everywhere is a misconception and should be ditched all together.
This is perhaps the most important right that the holder enjoys after being granted IP protection on their works.
Exclusive rights means that the holder enjoys the right not only to exercise it but also to exclude others from exercising such right on the same works. And the ability to exclude others is key, its what gives the holder an competitive advantage over others.
This right also includes the right to license the works and benefit from the works financially.
The right to prevent others from exercising and benefiting from the rightful owner's works.
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This concepts and principles are very important because they inform the decisions that we make about our works an how to better understand and protect them.
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