The term intellectual property refers to creation of the mind. Intellectual Property is at par with any other property. It gives certain rights and privileges to the owner of the intellectual property. The term intellectual property is not defined anywhere.
However, the Convention Establishing the World Intellectual Property Rights (Popularly known as WIPO) listed out certain subject matter to be protected under the tag of intellectual property. They are;
- Literary, artistic and scientific works;
- Performances of performing artists, phonograms, and broadcasts;
- Inventions in all fields of human endevour;
- Scientific discoveries;
- Industrial design;
- Trademarks, Service marks and commercial names and designations;
- Protection against unfair competitions; and
- All other rights resulting from intellectual activity in the industrial, scientific, literary or artistic fields
An industrial property shall be understood in its broadest sense and shall apply not only to industry and commerce proper, but likewise to agricultural and extractive industries and to all manufactured or natural products.
Industrial property can be further classified into two, such as; Protection of distinctive signs, in particular trademarks and geographical indications. It aims to stimulate and ensure fair competition and to protect the interest of the consumers.
Other kind of industrial property stimulate innovation, design and creation of technology. Its social objective is to provide protection to the results of investments in the development of new technology. Thus giving an incentive and means to finance Research & Development (R&D) activities.
The term Copyright refers to the main act, which, in respect of literary and artistic creations, may be made only by the author or with his authorization. It is also known as author’s rights. The object behind framing most of the intellectual property laws are to “Promote Progress”.
It should be noted that, the exclusive rights given generally are subject to a number of limitations and exemptions aimed at fine-tuning the balance that had to be drawn between the legitimate interests of right holders and of users.