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Intellectual Property Rights

What is intellectual property?
Intellectual Property (IP) refers to any original creation of the human intellect such as artistic, literary, technical, or scientific creation used for a business.
It is an asset that any person can own,sell, or license, and is necessary to be protected from theif and unauthorized use.
It is very well settled that IP plays a vital role in the modern economy. It has also been conclusively established that the Intellectual labour associated with the innovation should be given due importance so that public good emanates from it.
In the field of business industry, anyone can create and build their own line. However, anyone can also steal and claim your ideas with or without you noticing it. In this section, the intellectual property rights is taken into action.
Intellectual Property Rights refers to the legal rights given to the inventor to protect his invention or creation for a certain period of time.
These legal rights conference an exclusive right to the inventor / creator or his assignee to fully utilise his invention / creation for a given period of time.
Oftentimes IP rights is under the negative rights which requires non-interference of others or simply a negative duty.
Objectives of IP System
°Intellectual property protection is critical to fostering innovation for the inventors that will allow them to recover research and development investments while reaping the benefits of their inventions for a limited period of time.
° Public interest are ensured and proctected from an access to counterfeited and pirated goods that can harm consumers.
Both the interest of the innovators and the public interest are given an equal chance by the the law for the information and intellectual goods the innovators create.

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