Intangible asset, which is the outcome of knowledge and the creative mind, is referred to as Intellectual Property. Intellectual Property rights are the rights arising out of ownership of such asset under various statutory laws.

Intellectual Property is an intangible asset and can be transferred in the same manner as any other real asset, either through act of parties, by assignment or gift or exchange. It can also be transferred by operation of law i.e. by company take over, Bankruptcy or though a will. On most Intellectual property, stamp fee and VAT are payable upon transfer.

A patent is an exclusive right granted to the owner of the invention in return for disclosing the invention or the manner of working of the invention. The invention may be a product or a process that provides a new way of doing something or offers a new technical solution to a problem. The patent owner has the right to exclude all others other than those authorized by him, from manufacturing, selling, vending or in any manner using the said invention for which patent is granted.

An invention must, in general, fulfill the following conditions to be protected by a patent:-

	An invention must be novel -
	It cannot be known in the past to anyone, anywhere. Any documented knowledge of the invention in the past (called prior art), in any part of the world can render the patent application invalid
	It must have an inventive step
	There must be some step in the invention, which demonstrates the value addition by the inventor
	It must be useful or must have an industrial application
	The invention should not be obvious to someone skilled in the art
	Any discovery of something occurring in nature cannot be patentented. It cannot be a frivolous invention

Subject to the provisions of the Patent Act, all 'new' products/processes, involving an 'inventive step' and capable of industrial application in any and every field of Technology can be patented in India. Scientific theories, mathematical methods, plant or animal varieties, discoveries of natural substances, commercial methods, or methods for medical treatment (as opposed to medical products) are generally not patentable.

The patent is valid as long as it is not held to be invalid.
A patent once granted is for a period of 20 years, provided that it is renewed annually.

Patent is a territorial right and is granted by the sovereign power of the territory for which Patent is granted. There is nothing like a global patent or a world patent. Patent rights are protected only in the country that has granted these rights.

To obtain patent rights in different countries, one has to submit patent applications in all the countries of interest. This will entail payment of official fees and associated expenses, like attorney fees, etc. There are some regional systems wherein by filing a single application, one can simultaneously obtain patents in the member countries of a regional system. The European Patent Office (EPO) is an example of this system, which is available to member countries of the European Union. . However, for most countries, including India, the Patent Corporation Treaty (PCT) is the best way of applying for patents in multiple countries. The PCT provides a single window filing at a reduced cost for companies in developing and least developed countries. The PCT is not a patent granting body, but only a facilitating body for international applications. It takes care of the international phase of the Applications, such as International search and provides a preliminary examination option to evaluate the patentability of the invention.

Each country is free to grant or refuse a patent on the basis of scrutiny by its patent office. This means that granting a patent in one country does not force other countries to grant the patent for the same invention. Also, the refusal of the patent in one country does not mean that it will be refused in all the countries.

The second amendment to the Patents Act, 1970, introduced the following changes:

	Term of every patent which is in force, has now become 20 years from date of filing
	The definition of invention was reworded as per TRIPs to mean "a new product or process involving an inventive step and capable of industrial application':
	Protection of traditional knowledge was further augmented by providing for opposition/revocation where the invention is anticipated by the traditional knowledge (oral or otherwise) available within any local or indigenous community in India or elsewhere. Disclosure of source and geographical origin of biological material is now mandatory
	Additional grounds for grant of compulsory licence viz.: non¬working inventions and ~on-availability of patented inventions at reasonably affordable price was introduced,
	Parallel Importation is now permitted,
	Domestic companies can research and conduct tests on products that have been patented before the expiry of the patent term without infringing the patent

The recent Ordinance notified by the government on 26th December 2004 removed the restriction on product patent protection for food, chemicals and pharmaceuticals. Thus all inventions, irrespective of the field of technology, now can qualify for a product patent.

If a Patentee does not work his invention on reasonable commercial terms in India or engages in anti - competitive practises, the exclusive rights granted under the patent, may be limited, and the government can permit others to manufacture and sell the same product on terms that would be decided from case to case. Such Compulsory license is non –exclusive and against payment of royalty to the Patentee. In times of a national emergency, or a health crisis, the government can temporarily suspend the patent rights of a Patentee and compel him to license his product to other manufacturers, under the Compulsory Licensing provisions.

Means a mark, which is capable of being represented graphically and which is capable of distinguishing the goods or services of one person from those of others. It may be represented as a device, brand, heading, label, ticket, name, signature, word, letter, sound, numeral, shape of goods, packaging or combination of colors or any combination of the above.

Rights to a trademark are acquired by any one of the following ways: i) First use, ii) Registration, iii) assignment/transmission.

Do not adopt a mark that is a generic term, a laudatory term or purely descriptive term that characteristic of the goods or services. Such marks lack inherent distinctiveness and hence not registrable.

Before adopting a mark, conduct a search of the Trademark Register, to ensure that there are no earlier marks which are identical or deceptively similar to your proposed mark, being used in respect of the same or similar services. In addition it is recommended that you take a search on the web to see if an identical or similar mark is being used in respect of the same or similar goods or services.

The trademark registration in valid for 10 years from the date of application, and can be kept valid in perpetuity provided it is renewed every 10 years.

Trademark registration is not compulsory, but strongly advised, so that a third party does not take advantage of the goodwill and reputation that is built in a mark, by adopting an identical or deceptively similar mark. Registration grants you statutory rights in rem, where as use without registration gives you rights only in common law.

The R symbol is indicative of a registered trademark, and can be used only after registration is granted. Mere application for a trademark, does not permit you to use the R symbol.

Be consistent in the manner in which the trademark is used. A mark should be used as registered. Do not use the mark as a verb, or a noun, but only as an adjective. Permit use of the same mark by group companies only under a license.

A trademark is sometimes registered in the name of an organization or association, which is involved in any particular activity, and the organization allows it members to represent themselves as members of such association, under certain conditions and terms. Such a mark is referred to as a Collective trademark, and may be registered by an association or organization.

There is nothing like a global registration. Trademark or Design rights are territorial and granted only by the Sovereign of the country where registration is sought. There are a couple of regional systems like the OHIM where a single application , can be made to seek registration of a community trademark or a Community design , which is effectively protecting the trademark interests in the European Union Member countries.

Design under the Design Act 2000 means the features of shape, configuration, pattern, ornament or composition of lines or colors applied to any article in two dimensional or three dimensional form, which in the finished article appeal to and is solely judged by the eye, and does not include any mode or principle of construction.

An invention, that seeks to be protected by design registration or patent , require to be novel, and the application for the same has to be made before the product covering the invention is made known to the public. However a design does not cover any mechanical concept or principle what sover, and is limited to what appears to the eye.

Uniqueness of a design can only be protected by registration of the Design under the Design Act 2000.

In India, a design registration is valid for 10 years and is further extendable for a 5 year period.

A new design often involves effort in time and money for the product development. It involves making of dyes which are expensive. It also gives a market edge. A design is easily copied, and the effort of making a new design is lost. Design registrations is only subject to procedural examination, and registration is usually obtained in six months. If any one adopts an identical design, without the authority of the design owner, it would amount to infringement of copyright in the design, which is punishable by fine. A relief of injunting the infringer of the design would also be available.

Copyright exists in original literary work, dramatic, musical and artistic works, works of architecture, cinematographic files and sound recordings. Software is considered to be a literary work and is protected under Copyright Laws.

Copyright means the exclusive right, subject to the provisions of the Copyright Act, to do or authorize the doing of any of the following with respect to the work: To reproduce or make copies of the work in any material form , including storing of the work in any medium by electronic means, to issue copies of the work to the public, to sell or offer to sell the work , to perform the work in public, to translate the work, to make adaptations of the work, to include the work in any other form of work.

In India , copyright in exists in a work for 60 years following the year in which the author of the work dies .No renewal is required, and there are no extensions to this period unless extension is legislated or there is an ordinance to that effect.

There is no copyright in the idea but only in the expression of an idea.

Copyright is an inherent right, which comes in to existence as soon as the work is created. It is not mandatory that registration of copyright should be sought.

Copyright registration is statutory proof of ownership. Copyright infringement is a cognizable offence, and criminal action could also be instituted against the infringer of copyright. A registration is proof of ownership, especially when criminal action is being instituted against the infringer.

When the above mentioned work is used for private use or research, for critiquing or reviewing the work, it may be considered to be fairdealing and does not constitute infringement of copyright.

Broadcast pertains to communication to the public by any means of wired or wireless diffusion , and includes, signs , sounds and visual images, and includes re –broadcast.. Any unauthorized or unlicensed reproduction of the broadcast, or re-broadcast of the broadcast against payment, sound or visual recording of the broadcast, or reproduction of such unauthorized recording, or selling or hiring to the public such unauthorized recording would constitute infringement of broadcast rights. Broadcast reproduction right will not be infringed, if such sound and/or visual recording or excerpts is for private use, for educational purposes, for bonafide review, and consistent with fair dealing.

Broadcasting rights subsist for 25 years from the year of broadcasts.

Performers include acrobat, musician, singer, dancer, actor, juggler, snake charmer, conjuror, a person delivering a lecture, or any person who makes a visual and/or or acoustic performance. The Performer has the exclusive right to make sound recordings or visual recording of the performance, reproduce a sound recording or visual recording of the performance, to broadcast the performance and/or to communicate the performance to the public in any manner, Doing any of the aforesaid acts, without permission from the performer would constitute infringement of performer’s rights.

Performers rights subsist for 50 years from the year of first performance.