Intellectual Property is
the Property, which has been created by exercise of Intellectual Faculty. It is
the result of persons Intellectual Activities. Thus Intellectual Property
refers to creation of mind such as inventions, designs for industrial articles,
literary, artistic work, symbols which are ultimately used in commerce.
Intellectual Property
rights allow the creators
or owners to have the benefits from their works when these are exploited
commercially. These rights are statutory rights governed in accordance with the
provisions of corresponding legislations. Intellectual Property rights reward
creativity & human endeavor which fuel the progress of humankind.
The intellectual
property is classified into seven categories i.e
-Geographical
Indications
-Lay out designs of
integrated circuits
-Protection of
undisclosed information/Trade Secret according to TRIPs agreements.
Source: Quora
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