Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The most well-known types are:
- copyrights
- patents
- Trademarks
- Trade secrets
It was not until the 19th century that the term “intellectual property” began to be used, and not until the late 20th century that it became commonplace in the majority of the world.
The main purpose of intellectual property law is to encourage the creation of a wide variety of intellectual goods.To achieve this, the law gives people and businesses property rights to the information and intellectual goods they create, usually for a limited period of time. This gives economic incentive for their creation, because it allows people to profit from the information and intellectual goods they create. These economic incentives are expected to stimulate innovation and contribute to the technological progress of countries, which depends on the extent of protection granted to innovators.
The intangible nature of intellectual property presents difficulties when compared with traditional property like land or goods. Unlike traditional property, intellectual property is “indivisible” – an unlimited number of people can “consume” an intellectual good without it being depleted. Additionally, investments in intellectual goods suffer from problems of appropriation – a landowner can surround their land with a robust fence and hire armed guards to protect it, but a producer of information or an intellectual good can usually do very little to stop their first buyer from replicating it and selling it at a lower price. Balancing rights so that they are strong enough to encourage the creation of intellectual goods but not so strong that they prevent the goods’ wide use is the primary focus of modern intellectual property law.
Copyrights: apply to writings, music, motion pictures, architecture, and other original intellectual and artistic expressions. Protection is not available for theories or ideas, or anything that has not been captured in a fixed medium. The act of creation itself produces a copyright and unpublished works are still protected. Use of a copyright symbol and date is common, but not mandatory. Most copyrights are valid for the creator’s lifetime, plus 70 years. (-hg.org)
Patents: give inventors the right to use their product in the marketplace, or to profit by transferring that right to someone else. Depending on the type of invention, patent rights are valid for up to 20 years. Qualifying items include new machines, technological improvements, and manufactured goods, including the “look” of a product. Patent protection will be denied if an invention is found to be obvious in design, not useful, or morally offensive. (-hg.org)
Trademarks: protect symbols, names, and slogans used to identify goods and services. The purpose is to avoid confusion, deter misleading advertising, and help consumers distinguish one brand from another. Since the goal is to distinguish, generic or purely descriptive marks may not qualify. Rights can potentially last forever, and they are obtained by simply using a mark. While not required, owners can register their marks for additional protection. (-hg.org)
Protecting Against Infringement
Infringement refers to the unauthorized use of intellectual property. To protect against infringement, owners should take steps to put the world on notice that their rights exist. Providing notice helps deter infringement by making the owner’s rights more visible to those who might inadvertently violate them. It also triggers additional legal benefits, and puts the owner in a better position to prosecute an infringement in court, if that becomes necessary.
Inventors can give notice of their rights by marking their product with the patent number assigned to it by the Patent and Trademark Office. The label “patent pending” can also be used to discourage others from copying the design before the patent is awarded. Notice of trademarks and copyrights is given by placing the appropriate symbol (™, ©, etc.) on the material, and then registering the mark or copyright, so it can be added to the government’s database.
If infringement does occur, rights to intellectual property can be enforced in federal court. Before filing a lawsuit, however, owners will want to consult with an attorney and carefully consider whether litigation is in their best interests. Infringement cases are expensive to prosecute, and there is always a risk that the owner’s rights, once held up to the scrutiny of a court proceeding, will be revealed as invalid or less extensive than the owner believed.
In the event an owner of intellectual property does sue, and the lawsuit is successful, a number of remedies will be available. The court can order an injunction, meaning the infringer must stop what it is doing. Substantial money damages may also be available. In addition, once the owner’s rights are established in court, the infringer may agree to a license agreement. This allows use of the intellectual property to continue, with payments going to the owner.
Rights to intellectual property can be incredibly lucrative, making individuals huge sums of money. Infringement claims have also bankrupted large, profitable companies without warning. With so much at stake, anyone dealing with issues in this area of the law should seek the advice of an attorney. Firms specializing in intellectual property law are available to help owners who are looking to establish, profit from, or defend their rights.
Law Daily 