Nature of Intellectual Property

Nature of intellectual Property
 Intangible Rights over Tangible Property: The main Property that distinguishes IP from other
forms of Property is its intangibility. While there are many important differences between
different forms of IP, one factor they share is that they establish property protection over
intangible things such as ideas, inventions, signs and information whereas intangible assets
and close relationships are a tangible object. In which they are embedded. It allows creators
or owners to benefit from their works when they are used commercially.
 Right to sue: In the language of the law, IP is an asset that can be owned and dealt with.
Most forms of IP are contested in rights of action that are enforced only by legal action and
by those who have rights. IP is a property right and can, therefore, be inherited, bought,
gifted, sold, licensed, entrusted or pledged. The holder of an IPR owner has a type of
Property that he can use the way he likes subject to certain conditions and takes legal action
against the person who without his consent used his invention and can receive
compensation against real Property.
 Rights and Duties: IP gives rise not only to property rights but also duties. The owner of the
IP has the right to perform certain functions in relation to his work/product. He has the
exclusive right to produce the work, make copies of the work, market work, etc. There is also
a negative right to prevent third parties from exercising their statutory rights.
 Coexistence of different rights: Different types of IPRs can co-exist in relation to a particular
function. For example, an invention may be patented, and the invention photograph may be
copyrighted. A design can be protected under the Design Act, and the design can also be
incorporated into a trademark. There are many similarities and differences between the
various rights that can exist together in IP. For example, there are common grounds between
patent and industrial design; Copyright and neighbouring rights, trademarks and
geographical indications, and so on. Some intellectual property rights are positive rights; the
rest of them are negative rights.
 Exhaustion of rights: Intellectual property rights are generally subject to the doctrine of
exhaustion. Exhaustion basically means that after the first sale by the right holder or by its
exhaustion authority, his right ceases and he is not entitled to stop further movement of the
goods. Thus, once an IP rights holder has sold a physical product to which IPRs are attached,
it cannot prevent subsequent resale of that product. The right terminates with the first
consent. This principle is based on the concept of free movement of goods which is in force
by consent or right of the rights holder. The exclusive right to sell goods cannot be exercised
twice in relation to the same goods. The right to restrict further movements has expired as
the right holder has already earned his share by the act of placing goods for the first sale in
the market.
 Dynamism: IPR is in the process of continuous development. As technology is rapidly

evolving in all areas of human activities, the field of IP is also growing. As per the
requirement of scientific and technological progress, new items are being added to the scope
of IPR, and the scope of its preservation is being expanded. Bio Patents, Software Copyrights,
Plant Diversity Protection, these are few names which reflect contemporary developments in
the field of IPR. The importance of intellectual property and its mobility is well established
and reflected at all levels, including statutory, administrative and judicial.
Scope of intellectual Property

The scope of IP rights is broad; two classification modes are used to determine whether IP is
copyright or Industrial Property. Industrial properties include patents or inventions, trademarks,
trade names, biodiversity, plant breeding rights and other commercial interests. A patent gives its
holder the exclusive right to use the Intellectual Property for the purposes of making money from the
invention.
An invention is itself a new creation, process, machine or manufacture. Having copyright does not
give you the exclusive right to an idea, but it protects the expression of ideas that are different from a
patent. Copyright covers many fields, from art and literature to scientific works and software.
Even music and audio-visual works are covered by copyright laws. The duration of copyright
protection exists 60 years after the death of the creator. In other words, an author’s book is
copyrighted for his entire life and then 60 years after his death. Unlike patent laws, there is no
requirement of the administrative process in copyright laws.

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Nature of Intellectual Property

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Nature of intellectual Property

 Dynamism: IPR is in the process of continuous development. As technology is rapidly

Scope of intellectual Property

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