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The list of various types of legal monopolies over creations of mind, both artistic and commercial, and the related fields of law is called Intellectual property (IP). Under intellectual property law, owners are given particular exclusive rights to a variety of intangibles, such as musical, literary, and artistic works; ideas, discoveries, and inventions; and words, phrases, symbols, and designs. Intellectual property has been categorized into four main kinds namely trademarks, patents, trade secrets and copyrights.

Copyrights safeguard original creations, either published or unpublished. They protect the ownership of pieces like musical scores, poetry, movies, novels etc. They permit the owners to exclusively use various forms of their creation in different mediums with exclusive legal rights of reproduction, adaptation, sale etc for a prescribed span of time. In most nations, a copyright lasts for fifty years following the author’s demise and any unlawful use within this time span is liable to prosecution.

Patents are legal and certified rights that allow creators to stop others from manufacturing or promoting their invention. Typically they apply to new theories in the realm of science, inventions in the field of technology and also biological discoveries. Most of the nations offer patent cover only for a span of 20 years, subsequent to which the invention no longer remains in the private domain and the inventor loses his legal rights over the invention.

Trade secrets are those classified pieces of information that enable a company to gain an edge over its competitors in the market. A trade secret can be anything from a confidential report to the ingredients of a dish, or a database containing addresses and phone numbers of high profile customers. Typically, trade secrets are a confidential matter and are zealously guarded by the firm without any intervention from a government agency. The most common means of securing trade secrets is by allowing access to only a few key executives and not everyone, or by depositing it safely in a bank together with other valuable items and documents.

Trademarks are words, logos and graphics that identify a specific brand or firm and separate it from the rival brands. Trademarks develop an exclusive brand identity for a firm and trigger quick recall in the minds of customers. Usually, a trademark registration remains valid for 10 years after which it has to be renewed.

Discover more about Trademark Registration Singapore and discover how does an Intellectual Property protection increase the net worth of your business very fast.