What is Intellectual Property?
Intellectual property – whether it is a design, invention, logo, symbol or a literary and artistic work is a product of the mind. Indian IP Laws/Intellectual Property Legislation protect intellectual property rights such as copyright, trademark, industrial design, geographic indicator, and patent. Intellectual property rights encourage original owners to benefit from the financial gains and protect from unauthorized use.
Importance of Intellectual Property Rights in the Digital Economy
Intellectual properties are a valuable asset to the company. Builds a brand image of an organization, gives teams to collaborate and advance market and financial growth. Intellectual property rights enable the company to protect businesses and expand the market by selling, licensing and transacting their rights.
The adverse impact of Counterfeiting of products or goods on the market is enormous. Companies are being shut down, loss of money, and lack of employment infrastructure. Moreover, the reputation of the brand gets besmirched due to the low-quality of the product selling in the similar name.
Intellectual Property Rights act as a safeguard mechanism to prevent such financial loss to the company as it guarantees exclusive rights over the ownership of the creation for a specified period.
Indian Intellectual Property Rights Landscape
Intellectual property rights laws came into force after India ratified Agreement on becoming a signatory at the World Trade Organization (WTO). Industries across depend on the protection of patents, trademarks, copyrights, registered design, and trade secret. Applicable statutory IPR laws in India are:
- Patents Act (1999)
- Trade & Marks Bill (1999)
- Copyright Act (1999)
- Geographical Indication of Goods Bill (1999)
- Industrial Designs Bill (1999)
- Patents Bill (1999).
How does IPR Work
IP rights protect a product or creative work in multiple forms. Nations confer monopoly rights that a third party can not use the protected right without getting permission from the rights holder. IP rights don’t have geographical limits.
Protection is available from any part of the world due to the signing of international treaties and agreements.
Patents protect an invention and prevent the third parties from making the same invention independently.
Copyright is a bundle of rights granted to an expression of an idea, not the idea itself. Expression of an idea includes reproduction, adaptation, and translation of work and public performance.
Trademark registration helps in identification of the origin or ownership of the services and products.
Industrial design is an exclusive right granted to protect product uniqueness and prevent unauthorized copying or imitation by others.
Geographical indication right protects a product sourced from a specific locality such as agricultural and traditional products.
Intellectual Property infringement is punishable under various provisions of Indian IP laws such as pecuniary penalties, injunction, and imprisonment, etc.
Safeguard your intellectual property rights without any delay against illegal copy, use or reproduction by availing legal assistance from an expert IP lawyer.
Experienced IPR Attorneys and Agents at bangalore.
Seek legal advice from our core team of experienced IPR attorneys and agents on all aspects of intellectual property laws.
Consult with the specialized Intellectual Property Rights law firm at bangalore that works hard to protect your intellectual property rights from infringement or commercial exploitation. Our IP lawyers at bangalore use advanced technology to provide efficient results to our clients for all cases related to patents, trademarks, designs, copyrights, IP litigation, etc.
Get Free Initial Consultation on Intellectual Property
For a free initial legal consultation with an Intellectual Property Lawyer, please contact our Bangalore Intellectual Property Lawyer today to listen to your case to determine the proper course of action for intellectual property rights protection.
We represent clients throughout India – especially major cities such as Bangalore, Chennai, Delhi, Hyderabad, and Mumbai.
To schedule a consultation with a member of our team, fill out our contact form online.