Abstract

Intellectual Property is a term made up of two fundamental words i.e., intellect and property. The term Intellect means a person’s ability to learn, think and reason whereas the term property means ownership or possession of something, therefore, intellectual property can be defined as a creative and innate idea, literary, artistic, technical, scientific etc. work that is a result of application of a person’s own intelligence. Intellectual property is all about human creativity, ingenuity and innovation. Intellectual property although being a hidden property is an efficient source of generating wealth. The law recognises this fact and concocts property rights for such intellectual works and grants them to the creator which gives them exclusive use & exploitation of ideas for commercial ends Such rights are called Intellectual Property Rights. In essence, it can be asserted that intellectual property rights are the legal entitlements served to prohibit any unauthorized utilization of intellectual property for commercial or personal endeavour unless the holder of such property has given the permission explicitly. These rights include patents, trademarks, geographical indicators, copyrights and various other rights.

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