Intellectual Property Protection and Enforcement Essay

Intellectual property (IP) is defined as property that is developed through an intellectual and creative processes. Intellectual property falls under the category of property known as intangible rights, which includes patents (inventions of processes, machines, manufactures, and compositions of matter), copyrights (original artistic and literary works of), trademarks (commercial symbols), and trade secrets ((product formulas, patterns, designs). Intellectual property rights has a significant value to both individuals and businesses, providing in the case of large companies, over one half of their value on return. Since intellectual property rights are so important to the U.S. economy and its citizens, federal and state law provides†¦show more content†¦By contrast, the constitutional basis for federal trademark law is the Commerce Clause.† (Yeh, p.1, 2012). As a result, many laws, such as the Uniform Trade Act, the Misappropriation of a Trade Secret, the Economic Espionage Act, the Copyright Act, the Federal Patent Statute, and Lanham Act just to mention a few, have been enacted to provide legal protection against the unauthorized use, theft, and other violations of the rights granted by those statutes to the intellectual property owners. For instance, the Economic Espionage Act (EEA) was enacted by congress making it a federal crime to steal another’s trade secrets for own or another’s benefit. In addition, the EEA was passed to address the ease of stealing trade secrets through computer espionage and using the internet, and to penalize those who commit these type of crimes. Additionally, these laws allow the IP owners to recover any profits made by the offender, recover any damages, provide severe criminal penalties, fine organizations, and impose prison terms and injunctions to all perpetrators as a remedy. Furthermore, intellectual property rights gives their owners or holders monopoly rights as a protective measure for a specific period of time. For example, in 1995, congress modified the U.S. patent law to make invention patents valid for 20 years and design patents valid for 14Show MoreRelatedThe Beginnings Of Intellectual Property Rights1630 Words   |  7 Pages Beginnings of Intellectual Property Rights Intellectual property rights will remain a part of international trade agreements in the future, but the global activity will likely be characterized by varying standards and improved enforcement, reflecting evolution in social, cultural and political attitudes, and a deeper understanding of the relationships among innovation, creation and the more efficient distribution of intellectual property. 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