Few examples to say a story writer innumerable interesting stories which become an asset to him by generating income and reputation. A Musician out of his creativity composes wonderful music this is a asset associated with this talent.
A scientist makes his innovation invention which is novel and is of great importance for development of an industry so this is the asset of his intellect. Even if a person or group of person’s form a unique brand name and they make lot of efforts to promote their brand to develop their business, through this their brand name acquires a reputation and this becomes the real asset for the development of the company. Thus coming to know what is intellectual property, next moving on to what is role of law in this intangible property.
Next most important is the protection of this intellectual property. When we buy a property or any product for home more than giving importance to buy a product we give importance to maintain and protect such property or product from any kind of repair or damage. Thus, now the topic of managing and protecting this Intellectual Property acquires an importance. Now at the preliminary stage the inventor or author or creator of this intellectual property must seek to protect his invention or creation. Unless the creator or inventor or author enforces his right to protect his property no one can protect his work. Now if the person wants to protect his right he approaches to the legislations implemented by the Government of his territory. Thus every country has legislation, statutes under their law to protect their country fellow’s right. This Intellectual property law is no exception all the countries throughout the world has this law and there are International treaties which will help a person to protect his right not only against his own country but against all the countries of the World. But Intellectual property is not implemented in single statute there are many divisions under this law, which have been enacted under many Acts, Statutes, Rules and Schedule. This will be discussed in the next topic.