Intellectual Property Rights (IPR) define variety of legal rights in protecting products of intellectual efforts of creativity in the fields of applied art, knowledge and fine arts. Intellectual Property Rights mainly comprise trademarks, patents, copyrights, service marks, designs and confidential information (trade secrets), know-how etc. and the right to protection from passing off.
Intellectual Property Rights are of great importance for modern industry and commerce and, in many cases, they have a very important effect on the economy and on the very existence of a business entity. These comprise the right to control the use of technology and creative material, including rights in artistic, musical and literary work, and the right to prevent others from misusing certain marks, symbols and drawings and in distinguishing one from the other.
Intellectual Property Rights provide means by which an owner or an innovator can protect his innovation etc. from being imitated and safeguard the fruits of his valuable labour and investment. Basically, an Intellectual Property Right gives a remedy to its owner against those persons who want to reap the fruits of his ideas or work. The value of Intellectual Property cannot be defined in monetary terms; it is an intangible asset of any corporate entity.
The concept of Intellectual Property in India and the world over is taken to be sacrosanct and an impregnable propriety, which has made Patents, Trade Marks, Copyright, Designs, Transfer of Technologies rather tangible in terms of propriety. New laws, for the registration and protection of these rights, have replaced the old and antiquated laws, not only in India but also all over the globe. IP rights are valuable assets, which need to be scrupulously guarded against from being infringed or misused. The value of Intellectual Property cannot be defined in monetary terms; it is an intangible asset of any corporate entity.