Nature of Intellectual property rights

Nature of Intellectual property rights

1)      Territorial:

·         In ownership of intellectual property of immovable property issues of cross borders are not probable. But in intellectual properties it is common. Example: The film made in Hollywood can be seen in other countries.

2)      Giving an exclusive right to the owner:

·         It means, a person who is not the owner, are prohibited from using the right.

·         Most of the intellectual property rights cannot be implemented in practice as soon as the owner gets the exclusive rights since it has to be tested by some public laws.

3)      Assignable:

·         Since they are the rights, hence it can be assignable(licensable).

·         It is possible to put dichotomy between intellectual property rights and material object in which work is embodied.

·         IP can be either sold, bought, licensed, hired or attached.

4)      Independence:

·         Different intellectual property rights subsist in same kind of object.

·         Most of IPR’s are likely to be embodied in the objects.

5)      Subject to public policy:

·         They are vulnerable to deep embedment of public policy.

·         IP attempts to preserve and find adequate reconciliation (understanding or separation) between two competing interests.

6)      Divisible:

·         Several persons may have legally protected interests evolved from single original work without affecting the interest of other right holders on the same item.

·         IP is indivisible and in exhaustible resource.

Example: Inventor has his invention in Germany can use the patent himself in Germany, licence it and assign it in France. Can also be copyrighted. Therefore, the rights can be divided.