Intellectual Property is the Property, which has been created by exercise of Intellectual Faculty. It is the result of a person’s Intellectual Activities. Thus Intellectual Property refers to creation of mind such as inventions, designs for industrial articles, literary and artistic work, symbols which are ultimately used in commerce. Intellectual Propertyrights allow the creators or owners to have the benefits from their works when these are exploited commercially. These rights are statutory rights governed by the provisions of corresponding legislations. Intellectual Property rights reward creativity & human endeavor which fuel the progress of humankind. The intellectual property can be classified into seven categories i.e.
1. Trade Marks
4. Geographical Indications
5. Industrial Designs.
6. Trade Secrets according to TRIPS agreement.
7. Layout designs Integrated Circuits.