This article deals with the characteristics and nature of Intellectual Property Rights. There are two main reasons why countries have IP laws. One is to respect the moral and economic interests of the authors of their works and the rights of the public to access them. The second is to encourage innovation as a deliberate act of government policy, disseminating and using the effects, and to promote fair trade that would lead to economic and social development.
Copyright, patents, trademarks and industrial designs are the most common types of intellectual property rights. Intellectual property (IP) is a form of proprietorship that encompasses the intangible development of human intellect.
New types of property emerged as a result of the industrial revolution and the rapid development of science, technology and culture. Because of their unique features, new rights and properties such as trademarks, copyrights and industrial designs, came to be known as intellectual property rights (IPRs).
In societies such as Ancient Rome, early precursors existed for certain types of intellectual property but in England, in the 17th and 18th centuries, a modern concept of intellectual property was developed. It was not until the late 20th century that intellectual property was prevalent in most of the world, and the word “intellectual property” started to be used in the 19th century.
In order to do so, legislation grants people and businesses rights to information and intellectual goods that they produce, usually for a short time. The main purpose of intellectual property legislation is for the creation of many intellectual goods. These economic incentives are intended to stimulate innovation and contribute to the technological progress of countries that depend on the level of protection granted to innovative industries. This provides an important contribution to the development of innovation by enabling people to profit on their information and intellectual goods.
In contrast, with traditional property, intellectual property is “indivisible” as an unlimited number of people can “consume” an intellectual good without being depleted. The intangible nature of intellectual property poses problems compared to the traditional property such as land or goods.
Furthermore, investment in intellectual goods has problems with ownership-landowners may fence their land and hire army guards to protect it, but an information manufacturer or a documentary provider usually can do very little to stop their first buyer from replicating it and selling it at a lesser price. Balancing the rights to promote creation so that they are strong enough.
According to the definition of ‘Intellectual Property’ by the WIPO (World Intellectual Property Organization), “Intellectual property means the legal rights which result from intellectual activity in the industrial, scientific, literary and artistic fields.”
There are two main reasons why countries have IP laws. One is to respect the moral and economic interests of the authors of their works and the rights of the public to access them. The second is to encourage innovation as a deliberate act of government policy, disseminating and using the effects, and to promote fair trade that would lead to economic and social development.
Nature & Characteristics of Intellectual Property Rights
(1) Intangible property
IP does not cover the created physical object but retains the conceptual development behind the physical object. Intellectual property law does not deal with the material object in which the works of the mind have represented. The main feature which distinguishes IP from other types of property is its intangibility.
IP is about a person’s ability to produce a new idea and put it before the public. Intellectual property: The product does not have any property as such but the strength, judgment and initiative of the mind that is included in the product. This generates more theoretical value intangible properties. IPR is awarded in a specific authorship work, mark, design, etc. for the integration of ideas.
Abstract theories are not entitled to the protection of intellectual property. IPRs are separate and distinct from tangible goods’ property rights. Therefore, in the definition of intangible property, intellectual property of any species is included. It is difficult to see this type of property; however, senses can be sensed.
(2) Rights & Duties
IP not only gives rise to rights of ownership but also to duties. In relation to his work/product, the IP owner has the right to conduct such actions. He is entitled exclusively to produce, copy the work, market the work, etc. He has a negative right also to rule out the exercise of his statutory rights for third parties. In this way, IPR law grants the proprietor’s exclusive right to exclusion.
The reciprocal requirement must not be infringed on the right by all others. The privilege resulting from the application of IP law gives the owner of the right to use the job. Such right does not extend to others except the IP holders.
(3) Creation of Statute
Intellectual property is derived from common law, and it is covered under specific laws.
In accordance with relevant legislation, IPRs are statutory rights. Intellectual property, to put it differently, is statute formation. The right holder is protected by proposals, technical solutions or any other knowledge conveyed in a legally acceptable manner and subject in some instances to registration procedures.
In addition, in the case of certain types of IPR, as is the case for patents and product designs, the registration of the work is compulsory according to the applicable legislative requirements, whereas it is voluntary to register with respect to certain other forms of IPR such as trademarks, copyrights or geographical indications.
Some other formalities must be met to obtain such IP privileges. For example, microorganism deposit is a requirement for a microorganism patent. Similarly, it is a must for the divulgation of an invention to secure a patent. IPR award is exclusively conditional on all statutory requirements.
As the State confers the IPR, even if it has been approved, sold or advertised or promoted in the meantime, it can be withdrawn by the state under very special conditions. In this context, an IPR shall not be guaranteed if granted; it shall, for several purposes, including national security, or in accordance with applicable procedural laws of the country, be challenged or revoked at any time.
Intellectual property laws are mainly territorial and apply only within the relevant competence. Although the TRIPS agreement sets the minimum standard in its respective municipal laws for all nations, the IP laws around the world are not harmoniously united. Full IPRs legislation is not in effect.
To order to secure and implement their IPR, developers and inventors of different kinds of IPs have to comply with their national laws and jurisdictions. The extent of security depends on the national legislation in question.
The procedure for registration, protection, duration and application of various IPRs are governed mainly by respective national legislation. Different international IP agreements such as the Paris Convention, Bern Convention and the TRIPS guarantee that inventors and producers in foreign countries can be protected by national law.
They should obviously be granted (licensed), because they are privileges. A dichotomy between rights to intellectual property and the actual form in which the work is embedded is conceivable. IP may be bought, sold or licensed, employed or affiliated.
The IPR is constantly changing. The IP sector is also developing accordingly, as technology in all areas of human activities is changing exponentially. In accordance with the demand for scientific and technological advancement, the scope of its defence is being extended and new items are being added to the IPRs sector.
Copyright and protection of plant variety are to mention a few of the current developments in the field of IPR. Technological progress and social developments require a steady reassessment of the IPR system. In the technological era, developments, particularly in the field of IT and biotechnology, require the regular review of IPRs.
The IP system is versatile and features a capacity to develop and adapt to time requirements. The significance, including legislative, administrative and judicial, of intellectual property and its operation are well known and expressed in all aspects.
(7) Subject to public policy
They are exposed to the profound incarnation of public policy. IP seeks to maintain and find a suitable reconciliation between two competing interests. On one hand, customers try to take up works without much trouble, and on the other hand, the owners of intellectual rights need to be adequately compensated.
(8) Subject matter of IPR Protection
Intellectual property rights eligibility depends solely on the protection issue. Also, products specifically identified and acknowledged in the law as the subject of protection are entitled to intellectual property rights. While the minimum requirements laid down in law may be included, protection may still be denied if it is expressly omitted from the subject matter entitled to protection.
An item’s entry into the IPR program does not count for technical advancement on its own. The law will recognize this as an IPR-eligible subject. For example, only after their formal recognition and inclusion in relevant statutes have software and biotechnology innovations become eligible for IPR’s protection.
(9) Different rights’ co-existence
In relation to a particular job, different types of IPR will coexist. An invention can, for example, be patented and an innovation drawing may be copyrighted. Under the Design Law, a design can be covered and the design also incorporated into a logo. There are many similarities and differences between different IP rights.
Patents and product designs, copyright and related rights, trademarks and GI, etc. have, for example, common grounds. Some rights of intellectual property are positive and others are negative.
(10) Exhaustion of rights
The definition of exhaustion is usually regulated by intellectual property rights. Exhaustion essentially means that his right is terminated after the first selling by the right holder or his exhalation authorisation and he can’t stop moving goods further. As a result, the subsequent resale of this product can’t be prohibited once the IP right holder has sold a physical product to which its IPRs are attached.
The first inclusive advertisement complements the second. The principle of the freedom of movement of goods exchanged through the approval or authority of the owner of the right is based on this theory. With relation to the same goods, the exclusive right to sell products can’t be exercised twice.
The right to limit further transactions is lost since by placing the products on the market for the first time, the right holder had acquired his share already.
(11) Exclusive Rights of the Owner
It ensures that it is illegal for others who are not owners to use the privilege. The claimant can’t implement in effect most intellectual property rights until exclusive rights are given to them. Most of them have to be checked under certain public regulations. The developer or author of intellectual property has rights to the exclusion of anyone else that is inherent in his work.
Intellectual property is divided into “industrial property” and “copyright” branches. The word “industrial property.” protects technologies and industrial designs. Technologies are simply described as new solutions to technical challenges and esthetic developments are intended to establish the appearance of industrial products. Industrial property also includes trademarks, service marks, trade names and designations, including origin signs and labels and protection against unfair competition.
The literature, art and science mentioned subject areas belong to the copyright division of intellectual property. Areas that are referred to as musicians, soundtracks and broadcasts usually call’ related rights,’ i.e. rights aligned with copyright. Industrial property intellectual property division is the areas referred to as inventions, product designs, logos, service marks and trade names and designations.
Therefore, the nation’s new wealth is intellectual property. The main focus in property case law has moved from tangible to incorporeal. The nation’s new wealth has emerged as intellectual property. Rights of intellectual property are human rights for the development of their own minds. IP typically gives the author an exclusive right for use of his / her work over a certain period of time.