Copyright and Trademark Relevancy in Business Transactions: An Analysis
Both Trademark and copyright are considered to be the backbone of any business transaction. They fix the reliability, security, and trust element among the customers and absolute owner of the work. Also, they protect against infringement, passing off, and distinguish the product and services from other business entities. In this article, we will discuss the relevancy and role of copyright and Trademark in business transactions. Scroll down to get insights into copyright and Trademark relevancy in business Transactions.
Meaning of Intellectual Property Right
Intellectual property rights are intangible rights classified in four IP rights 1) Trademark 2) Patent 3) Copyright 4) and design. Intellectual property rights include inventions, music works, names, symbols, etc. The purpose behind the introduction of Intellectual property rights was to safeguard the actual owner’s legal rights of the intellectual property. Both Trademark and copyright are governed under the statutes copyright act, 1957 and the Trademark act, 1999. The core objective is to maintain the genuineness and originality of IP rights in the market. For instance, if the company is already using any Trademark in the market, any other company should not use a similar Trademark because this will create difficulties for the consumer to differentiate the products and services.
Copyright and Trademark Relevancy in Business Transactions
- The relevance and role of Trademark in Business Transactions
Trademark are used to discern the goods and services of one company from the others; in the business, a Transaction Trademark is usually identified as a brand name or simply a brand. The Trademark includes words, logos, phrases, symbols, taglines, and slogans. Trademark is generally visible on a product and its packaging. However, Trademark is significantly to achieve the licensed business. A trademark is the most valuable commercial asset that a company will ever own. It identifies and distinguishes the company and its products/services in the marketplace from their respective rivals. As a result, it is prudent for all business owners to take proper steps to protect and deploy essential trademarks.
- Relevancy and role of Copyright in Business transactions
Copyright is one type of Intellectual property right that offers protection to writers of “original works of authorship,” including literary, theatrical, musical, and artistic works. Copyright law typically grants the copyright holder the exclusive right to use and reproduce the copyrighted work, prepare derivative works, distribute copies of the copyrighted work, perform the copyrighted work publicly, and display the copyrighted work publicly for an indefinite period. Copyright can be used to prevent others from using your company’s unique creative results – sales brochures, advertising and promotional materials, movies, instruction manuals, images, and website content – without your permission. As the copyright owner, you can govern how your work is reproduced, disseminated, and shown publicly. Importantly, you can prevent anyone, even rivals, from exploiting your copyrighted works or those that are strikingly similar to yours.
A Step Forward for the Creation of Intellectual Property Work for Business Transactions
As we have discussed above, the copyright and trademark relevancy in the business transaction. The primary benefit of copyright is that it does not involve any expenditure to obtain or maintain. India has also signed several international treaties, including the Berne Convention, ratified by 179 nations. India is a member of the WIPO as well. The significance of copyright laws has been recognized globally, with the majority of UN-recognized nations acknowledging it. It is recommended that business owners ensure that the firm’s employment terms and conditions include an IP provision that states that any work done or assigned by an employer during employment shall remain with the company. The Trademark offers several advantages and, as a result, has a wide range of applications in business. Exclusive rights to a product or particular types of services foster market trust and brand value, as well as a reputation for distinctiveness among customers. The essential advantage is that it distinguishes the goods and services of the companies. It can also be bought, traded, or transferred from one company to another. It is an important commercial asset. It is a type of intangible asset with monetary worth. It serves as protection and adds value in the face of fierce competition. India has also accepted the World Trade Organization’s (WTO) accord, including the Trade-Related Aspects of Intellectual Property (TRIPS). In 2013, India joined the Madrid Protocol, which provides all member nations with worldwide recognition and acceptance of trademarks. The use of trademarks inhibits the sale of illicit, illegal, or counterfeit goods or services.
In Conclusion, we would like to incorporate some insights and significance of copyright and trademark relevancy in a business transaction. The most critical component for establishing a long-term market presence is recognizing the potential of intellectual property and capitalizing on its actual value. The enormous growth in the country’s business and startup sectors has contributed to the country’s trademark and copyright regulations. The Trademark not only provides brand value by preserving the reputation of the company, but it also distinguishes its products and services.
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