Thursday, September 12, 2019

INTELLECTUAL PROPERTY RIGHTS (Concept of property)



Concept of property

Property designates those things that are commonly recognized as being the possessions of an individual or a group. A right of ownership is associated with property that establishes the good as being "one's own thing" in relation to other individuals or groups, assuring the owner the right to dispense with the property in a manner he or she deems fit, whether to use or not use, exclude others from using, or to transfer ownership.

                                                                Types of property:
Generally, there are two types of property
1)      Tangible property
2)      Intangible property.



Types of tangible property:

There are three types of tangible property
a)      Property: Property includes the building and land where the business operates. 
b)      Plant: Plant refers to the area in which workers manufacture products or render services.
c)      Equipment: they are the instruments used to produce goods.

Intangible property: Intangible property is property that does not derive its value from physical attributes. 
Example: Patents, software, trademarks and license are examples of intangible property.


Intellectual property: Intellectual property is a broad categorical description for the set of intangibles owned and legally protected by a company from outside use or implementation without consent. The concept of intellectual property relates to the fact that certain products of human intellect should be afforded the same protective rights that apply to physical property. Most developed economies have legal measures in place to protect both forms of property.

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