Author: Harsh Wardhan, I Year B.B.A from Usha Martin University, Ranchi.
As a business owner in today’s scenario,it is critical to comprehend the significance of intellectual property Rights in facilitating smooth business transactions. Despite being intangible,they are unquestionably one of the most important business assets . This article’s objective is to educate readers about intellectual property rights and their significance in business dealings. Although each of them is significant on its own ,this article will concentrate specifically on trademarks and copyright.
Copyright and trademark are two terms that can be referred to as the foundation of business transactions because they give potential customers and business owners a sense of security.while both terms demonstrate the business’s originality,its is important to note that they both defend distinct concepts.They cannot be used in conjunction with one another.Copyright typically safeguard the business’s original or rational works, whereas trademarks safeguard the company’s commercial identity.Copyright’s primary function is to protect a company’s intellectual property rights to its fictional, theatrical, musical, and creative works. On the other hand ,a trademark serves the purpose of defending the use of the company’s name and brand identity.
IMPORTANCE OF COPYRIGHT LAW IN BUSINESS TRANSACTIONS
The original author benefits from copyright. Business leaders should make it a priority to include an IP Clause in the employment and service agreement of the company stating that the company will receive full ownership of all original works. This is governed precisely byu the law which must be respected. In the absence of provision to the contrary, all economic rights and copyright regarding computer programs that are created by one or more bodies in connection with their duties or instructions are supposed to the employer. It is important to note that computer programmes are significant exceptions because creations can sometimes be defended by a variety of other kinds of right, copyright has advantages over other intellectual property rights. For instance software can benefit from patent protection in addition to copyright protection. Similarly, slogans, logos and product packaging benefit from copyright protection but may also benefit from trademark protection if certain conditions are met. The benefits of copyright is that it does not require an investment to maintain or obtain in business transactions. The global scope of copyrights has grown as a result of 164 nations signing various international agreements like the Berne Convention. A trademark application must be submitted to the appropriate national and international organisations. Typically, trademark agents manage these filings, which can be costly if protection is required in multiple nations. The benefit period of copyright protection is 70 years from the death of the author. It is impossible to determine whether or not a work is protected if the copyright-protected work register is not kept up to date. Reproducing original works is the best option for avoiding the risk of regenerating a protected work.
IMPORTANCE OF TRADEMARK LAW IN BUSINESS TRANSACTIONS
Any name ,phrase, logo, symbol, or slogan is a trademark.which aids in the identification and differentiation of any business or product from competitors in the market.A brand name is always referred to as a trademark. Once a company has a trademark, anyone who tries to use something similar enough to even confuse consumers can legally protect themselves and stop the other part. Although it is not required by law, registering the company’s name as a trademark is always beneficial. You will be required by law to stop any other business from attempting to use names that are similar to yours. All products and services use trademarked name marks to prevent counterfeiting. If your company name is not trademarked,you may not be able to open a business account with some banks. “Doing business as (DBA),”which generates a registered fictional business name but does not provide a trademark-like legal defence,is permitted by some banks. A company’s trademark grants it legal ownership in specific locations,whether state,local,or national. The owner retains all exclusive rights to mark the products, and no one else will be permitted to use the trademark’s names,symbols,or slogan in the specific region. Because trademark safeguards businesses and their customers,they are essential to the operation of a successful business.
A Copyright protects the shape of the writing itself instead of protecting the writing’s subject matter or the name or logo in the creative work. Copyrights are frequently used to prevent others from using your company’s original creative works without your permission such as sales brochures, advertising and promotional materials, videos, instructions manuals, photographs and website content. You will have control over how your work is reproduced, distributed and displayed publicly if you won the copyright. You will prevent competitors and others from making use of your copyrighted works or works that are substantially yours because it distinguishes the company and its goods and service from those of its rivals in the market. A trademark is one of the most important business assets a company will have. As a result, it is best practice for all business owners to take adequate measures to safeguard and enforce valuable trademarks, you will prevent competitors and others from using your trademark. Registering a trademark with the state or the federal government is one of the effective ways to protect it.