The Significance of Intellectual Property Protection
Intellectual property is denoted by those works that are created using intellect and for which the law gives the owner a monopoly. It can include novels, movies, scripts, inventions, and any other creative work that is individually done by you. Intellectual property protection implies that the owner’s rights are protected, and he can take legal action if there is any violation of his ownership.
Types of Intellectual Property
Trademark: A trademark protection can be a graphic, logo, slogan, colour combination, name, sound, taste, or even smell, which provides your product or service with a unique identity. Examples of trademarked names are Xerox, Apple, Windows, Intel, and Pepsi, to name a few. You can also trademark graphical designs, like in the case of Apple’s logo, and even sounds like the tune of Garden Sarees, which are popular everywhere. The trademark gives the product an image that gives it recognition all over the world. Trademark protection and registration are covered by the Trademark Act 1999 and Trademark Rules 2002.
- The validity of a Trademark: A trademark that is registered in India is valid for ten years from the date of acceptance of registration. By paying a specific prescribed fee, it can be renewed after ten years.
- Territorial limits of the Trademark: All trademarks registered are valid only in India. If you want to register your trademark internationally, you will have to make a registration in foreign nations and conventions.
Patent: A patent is applied when any invention is made, or chemical or technological formula is created. It safeguards the inventor from unauthorized manufacturing, trading, or usage of the invention. The patent protects the inventor and enables him to add value to the invention by making changes to the design or using it better. Patent registration and protection are regulated under the Patent Act, 1970, and the Patent Rule 2003 in India. An example of a design patent would be Hawkins, the pressure cooker company with all its cooker designs patented. Their cooker designs enable superior performance, save energy, and are more durable. An example of a utility patent would be the up-gradation of TV models from LED to OLED. The synthetic diode emitting material has been changed to an organic one, providing better clarity and reducing the carbon footprint.
- Validity: The Indian Patent Office governs patents, and a patent is granted a validity term of 20 years
- Territorial Limits: In India, patent protection is valid only up to its geographical boundaries. An Indian patent is not valid anywhere else in the world.
Copyright: A copyright is provided for artistic work, dramas, cinemas, musicals, or literary works. It ensures that no one can reproduce, translate, adapt, or sell without obtaining prior consent from the owner. It is covered under the Copyright Act 1957 and the Copyright Rule1958. The work creator is protected by copyright for his lifetime and for an additional 60 years. Any movie that is adapted from a popular novel can earn royalty from the person who has written that novel and is also entitled to a share of the profits. Many movies like Guide, was inspired by R K Narayan’s Guide novel, Three Idiots was from Chetan Bhagat’s Five Point Someone. The original owner of a work can claim copyright for work without registering for it. As per Indian law, there is automatic protection for original content. In the event of any violation, a registration certificate can serve as proof of ownership.
- Validity: A writer’s copyright is valid for his life and for an additional 60 years from the end of the year of his death. In the case of films and sound recordings, the validity is for 50 years, and for a published edition, it is 25 years.
It is essential to protect your intellectual property from being violated and used for wrong purposes. 3E Accounting, with its highly qualified and experienced team, will provide you with assistance for any queries related to your intellectual property. We are well-versed in the legalities and will acquire the necessary protection for your artwork, script, book, or any other creation.
3E Accounting India
3E Accounting India is a corporate service provider and accounting firm assisting clients with company formation and incorporation. We offer company secretary and business-related services in India.
