- September 3, 2023
- Posted by: visttas1-admin
- Categories: Assistant Services, Market Assessments, Property Documentation, Property Record Service, Property Registration
Intellectual Property Rights (IPR) is used to refer to the bundle of rights conferred by law on a creator/owner of intellectual property. These are the rights that a person has over the creations of his mind. They seek to protect the interests of the creators by rewarding their mental labour and allowing them to retain property rights over their creations. IP rights are the legal rights governing the use of intellectual property.
Legal Protection:
The various reasons behind granting protection to intellectual property laws are as follows:
- To encourage inventions and creations.
- To provide legal protection to intellectual creations.
- To prevent third parties from enjoying the fruits of someone else’s creativity.
- To facilitate fair trading.
- To promote creativity and its dissemination.
- Giving recognition to the efforts of creators.
- To encourage investment of skill, time, finance, and other resources.
Advantages:
- A competitive advantage over other similar businesses.
- To prevent unauthorized use of intellectual property and works.
- Collaborations and opportunities for generating income
- IPR helps to attract clients and creates your brand value.
Disadvantages:
- To incur additional costs for getting IPR protection including legal costs and other fees.
- We might still face a lot of difficulties in curbing the copying and unauthorized use of our work.
- IP rights aren’t absolute. There are certain limitations and conditions imposed by law on the exercise in the interests of the general public.
Conclusion:
IP is a valuable asset since it provides a competitive advantage to the owner over other entities. To make the most out of IPR, it is advisable to get it registered. An intellectual property right is a proprietary right on the product of one’s intellect. These rights support innovation and help the innovators at every stage of the business development, competition, and expansion strategy. It is also noteworthy that registered and enforced IP rights enable the consumers to make an informed choice about the quality, safety, reliability of their purchase.