Intellectual Property Assignment Example | Topics and Well Written Essays - 500 words

Intellectual Property - Assignment Example 2. Intellectual property may include inventions, creative efforts of individuals, original works by authors or trade secrets etc. that will provide future economic benefits to the business. How we protect intellectual property depends on the type of property we deal with and the industry we’re operating in. This usually involves obtaining patents, trademarks and copyrights for the intellectual property we own. The holder of a patent can protect his product by preventing other companies to use, or take advantage, in any way, of their invention up to certain future date depending on the type of invention. The key question that arises here is does the business own the inventions or does the creative work is the result of efforts of the individuals hired by the company? Similarly copyright offers the authors and creators the protection of their original intellectual work (such as literature, art, music, photographs, video recordings, software etc.). The copyright symbol informs ot hers that the author is intending to exercise control over the production and redistribution of the work. Likewise a â€Å"trademark† offers businesses the opportunity to sell their product to the consumers under their unique name. As such it avoids confusion and deceiving. In such employment agreements, the employer restricts the employee from quitting the company and joining another competitive firm or setting up his/her own competitive business. Such employment agreements are usually enforceable only if they apply restrictions within a specific area and for a definite future time period. In some states non-compete agreements are enforceable only if they are supported by the adequate consideration for the employee otherwise they are considered as agreements in restraint on trade and hence void. The advantage of non-competitive clause is obvious that it