There is some form of Intellectual Property (IP) in every business apart from technology dealers. In order to grasp the value of this IP, it is important to understand the essence of the various IP rights, what they are covering and how the right can be accessed and how best to market them. The Intellectual Property rights may be crucial to your business, as they can be used not only to protect your own creations, but also to provide useful business tools that can be used commercially. It generally deals with the laws for the preservation and compliance of legal rights to inventions, designs and works of an art.
Trade secrets are a type of intellectual property comprising formulas, methods, procedures, designs, devices, patterns, or compilations of knowledge of intrinsic economic value since they are not commonly recognized or readily verifiable by others, and which the proprietor takes appropriate steps to keep secrets.
The Trademarks Act provides, inter alia, for registration of service marks, filing of multi-class applications, extending the duration of registration of a trademark to ten years as well as acknowledgement of the concept of well-known marks, etc.
Copyright protection in India is available for any literary, dramatic, musical, sound recording or artistic work. The Copyright Act of 1957 provides for the registration of such works. While Copyright in a work is recognized even without registration, it is advisable to have it registered as it provides prima facie proof of copyright in a court of law
The Designs Act, 2000 is a legislation that protects the originality of the design of an article, and a registered design would help to counter acts of piracy. The design mentioned here is a physical feature of an article that can be perceivable by the eye in any size, shape and pattern and can be either in two-dimensional, three-dimensional or any other form. This however does not include a trademark and the mode or principle of construction.
India's Patent Act 1970, 2003 Patent laws and the Patent Amendment Regulations 2016 laid down the patent law. India acknowledges the protection of product patents for a period of fourteen years. However, it recognizes only a process patent for a period of seven years in three areas: food, chemicals and pharmaceuticals.
India’s biological diversity has made it possible to enjoy some of the rarest biological resources in the world. The Geographical Indications of Goods Act, 1999 was implemented in 2003. It includes the disclosure of the origins of the biological material use in the invention. The Act facilitates promotion of Indian goods when exported overseas and in turn protects consumers against deception. These goods shall include agricultural, natural or manufactured goods which are distinct from similar products by virtue of their quality, reputation or any other characteristic which is essentially attributable to their geographical origin.