Intellectual property encompasses the human mind’s creative intangible concepts. The different forms of intellectual property are copyrights, trademarks, patents, geographical indication tags, etc. Intellectual property rights hold great importance for business enterprises.
Copyright is a form of intellectual property that protects the rights of individuals or entities over their original artistic and literary creations. Copyrights in India can be filed online or by sending the application by way of a post to the copyright office. The information required for the process of filing copyright includes copies of the artistic work, personal details of the applicant of the copyright, interest of the applicant in the art piece, personal details of the author of the artistic work, and details of the art piece, etc. After the filing of the application is completed it is reviewed by the Copyright Office. If it is found satisfactory then the application is approved and the registration certificate is issued. Normally, the process takes three to four months.
Copyright offers a number of benefits to business owners. Once the copyright is registered, no one else may use the work without the copyright holder’s permission. If the authorization of the holder is not acquired, the other person is liable for copyright infringement and must pay a substantial fine. Businesses can profit from copyright licencing. The protection offered by copyright lasts for 60 years in India. Thus, the business is able to protect its work for a long period of time.
Trademark is a form of intellectual property that helps in distinguishing the goods and services provided by one business from another. Usually, the brand name, taglines, logos, etc are trademarked. They help establish the brand image of the business in the market. Companies such as Bajaj, Bata, Whirlpool, Honda etc have trademark protection. Worldwide trademarks have helped establish monopolistic associations. It is crucial to the success of a brand. It makes it easier for customers to identify a certain product. Trademarks make advertising easy.
Trademarks are governed by the Trademarks Act 1999 in India. Before registering a trademark, it is required to establish that no other trademark with a similar name already exists. This helps to avoid future lawsuits. Following this, a trademark application can be filed. This is simple to accomplish online. The trademark application approval and inspection process typically take 12-18 months. It might be accepted unconditionally or conditionally. If the approval is unqualified, the trademark is registered and published in the Trademark journal. If not approved unconditionally, the requirements to be met or the issues raised would be included in the assessment report, and a month would be allotted to meet the criteria or respond to the objections. The step of publicising is included in the trademark registration procedure so that anybody who intends to object to the trademark’s registration may do so. If an objection is raised, the Registrar conducts a fair hearing and renders a judgement. The trademark can be renewed forever every 10 years.
To summarise, copyrights and trademarks both play important roles in promoting frictionless commercial transactions. Their primary objective is to maintain market distinctiveness, which in turn serves to make room for new job opportunities and new ideas. These fresh ideas, in turn, contribute to economic progress. A company’s goodwill is inextricably linked to its trademark since people have learned to associate it with it over time. It has a brand value associated with it, which helps the firm thrive. If a person tries to deceive the customers, they might use the legal resources that are accessible.
By Devanshi Shukla