The scope and nature of “Intellectual Property” has expanded. It is an umbrella term for most various legal entitlements. The product of “intellect” or mind is termed as the intellectual property. It inspired the extension of laws to new types of subject matter such as databases. Also it regulates new categories of activity in respect of subject matter already protected. It helps the increase of terms of protection, in the removal of restrictions and limitations on exclusive rights, and in an expansion of the definition of "author" to include corporations as the legitimate creators and owners of works. The holder of this legal entitlement is generally entitled to exercise various exclusive rights in relation to the subject matter of the intellectual property. And its rights may be protected at law in the same way as any other form of property.
Intellectual property laws vary from jurisdiction to jurisdiction, such that the acquisition, registration or enforcement of IP rights must be pursued or obtained separately in each territory of interest. However, these laws are becoming increasingly harmonised through The effects of international treaties such as the 1994 World Trade Oraganization or WTO and TRIPs have enabled the laws to harmonise, while other treaties may facilitate registration in more than one jurisdiction at a time.
The rights conferred by intellectual property laws can generally be transferred, with or without consideration, licensed or rented, or mortgaged to third parties. Like other forms of property, intellectual property or rather the exclusive rights which subsist, can be transferred, with or without consideration or licensed to third parties. In some jurisdictions it may also be possible to use intellectual property as security for a loan.
Lawyer Advice- Intellectual Property In Law
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