Intellectual Property Rights | Assignment1

RUNNING HEAD: - Intellectual Property Rights 0 | P a g e
INTELLECTUAL LAW
Module Number

Intellectual Property Rights 1 | P a g e
Table of Contents
Introduction: -............................................................................................................................. 2
Intellectual Property Right: -............................................................................................................ 2
Should Intellectual Property Rights exist?........................................................................................ 2
Advantages and Shortcomings of Intellectual Property Rights: -................................................................4
Conclusion:............................................................................................................................. 5
References.................................................................................................................................. 6

Intellectual Property Rights 2 | P a g e
Introduction: -
The intellectual property is a category of property which is created by human intellect in form of
intangible creations and the right attached with these properties is known as intellectual property
rights. In this report we will discuss about the various perspectives of intellectual property rights
which includes the concept for the valuation of these properties, advantages of these rights and
several shortcomings attached with the intellectual property rights. Also the report will show the
role of intellectual property rights in the modern world in regards of both developing and
developed countries1. The intellectual property rights have several types which have also been
discussed under the report. Every intellectual property contains some rights for its creator which
consist some value of money or monopoly to use such innovation and for the valuation of such
property different concepts are used by the assessors2.
Intellectual Property Right: -
Any right provided to an individual or a company to have an exclusive right to use its own idea,
plan or creation without getting worried about the competition for a specific period of time is
called as the intellectual property right. These rights involve the patent, copyright, trademarks
and trade secrets. A person or company can have the intellectual property right on its own
intellectual property for a specific period of time which is specified by the concerned
authorities3. For example a trademark can be registered by a company for a maximum period of
10 years after that it requires a renewal for a further extension of 10 years. All the Intellectual
property rights are governed by different Acts and laws and the assigning authorities for these
rights are also different 4. For the protection of these rights and to encourage the businesses to
develop their original intellectual properties the law related to intellectual property was
established in the countries. In Australia, IP Australia which is an Australian government agency
administers the right and legislation related to intellectual properties.
1 Naazima Kamardeen, "Community Rights To Intellectual Property In Asia-From Rhetoric To Consensus"
(2015) 18(6) The Journal of World Intellectual Property.
2 George Adrison, "WTO | Intellectual Property (TRIPS) - What Are Intellectual Property
Rights?", Wto.Org (Webpage, 2020) <https://www.wto.org/english/tratop_e/trips_e/intel1_e.htm>.
3 D. L Bosworth, Intellectual Property Rights (Elsevier Science, 2014).
4 United Nations Educational, Scientific and Cultural Organisation ‘Intellectual Property
Rights’
(n.d.) <http://unesdoc.unesco.org/images/0023/002322/232208E.pdf> Page 25 onwards
(2013)