Intellectual Property - An Ip Lawyers Guide
IP or Intellectual Property are rights owned over intangible property
. Examples of things, which can be held in, are IP are designs, brand names and products. IP rights can be sold and licensed much like tangible property.
Intellectual property can be extremely valuable to a business but yet is often overlooked and not adequately protected. There are four main types of intellectual property that can be owned:
1. Copyright - copyright is an automatic IP right awarded over work such as literature, art or music created by an individual or company. It is denoted by a recognisable symbol . Copyright ensures that the owner controls when the work is published, sold or reproduced and who is allowed to use it. Copyright does not cover ideas, theories or methods, as the work protected has to be a physically permanent creation.
2. Patents - a patent protects an original idea, invention or product. The criteria for awarding a patent are that the object must be new, it must not be a scientific theory or process, it cannot be a form of medical treatment or a species.
3. Trade Marks - a trade mark can be granted over a logo, brand name or distinctive design belonging to an individual or business. A trade mark identifies the entity as being owned and therefore it cannot be reproduced without permission from the owners. In order to receive a trade mark, the entity must be original, distinctive and should not already be used by a generic industry. It should not make reference to a particular product, the quality of a product or the geographical area of the business.
4. Registered Designs - a registered design number is given to a design to identify its registration. It is displayed using a recognisable symbol . The design must be new, which means it must not have been published before. The registered design number identifies the design's main features i.e. its colour and shape. The registration is only effective over a specific geographical area, but does prevent others from not only using the same, but also similar designs.
These different forms of intellectual property can be registered and protected by applying online to the 'Intellectual Property Office', which is a government owned body. If registered correctly, your intellectual property could be protected for the following periods:
- Copyright: 50 years
- Patents: 5 to 20 years
- Trade marks: 10 years
- Registered design number: - 15 years
The benefits of having your Intellectual Property protected:
Copyright
- Protected for a long time
- Distinctive symbol acts as a deterrent to infringers - Legal action for owner against infringement - Injunction or compensation can be won - Can be licensed or sold
Patents
- Legal action against unauthorised replication of an invention
- Details of patent are publicly advertised, but are protected until the parent expires
- Injunction or compensation can be won
- Can be licensed or sold
Trade marks
- Distinctive symbol acts as a deterrent to counterfeiters
- Counterfeiters run the risk of criminal prosecution if caught by Trading Standards
- Can be licensed or sold
Registered Design
- It provides the creators ownership over the appearance of their design
- Injunction or compensation can be won
- Can be licensed or sold
Many businesses don't appreciate how much their intellectual property is really worth. If you're looking to protect intellectual property in your business, make sure you talk to specialist IP lawyers -- as this area of law is very complex.
by: Tim Bishop
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