Intellectual property has acquired an internationally recognized character. Now it is regarded to be one important sector of international law, having its source in various international conventions. At present, each and every country is trying to shape or reshape their legislature, relating to intellectual property; in the light of those international conventions.
The term, ‘intellectual property’ simply denotes the property, which is the creation of human intellect. It is a pure manifestation of intellectual capability and its commercial value. The property containing intellect has a recent origin. The word, ‘property’ is engraved here to imply a protection given to exercise of right and to exploit thereby.
Intellectual property protects application of ideas and information that are of commercial value.
The expression, ‘intellectual property’ has come to be internationally recognized as covering mainly two branches, namely; ‘industrial property’ and ‘copyright’. Patents, industrial designs and trade marks used to be considered as different kinds of industrial property. Copy right and confidential information were included later in this era, and made the description, ‘intellectual property’ appropriate for these classes of property. Although the creation of a trade mark has very little to do with intellectual creativity, it can not be doubted that patents, designs and copyright are the products of intellectual effort and creative activity in the field of applied arts or technology and fine arts.
The convention establishing the World Intellectual Property Organization (WIPO), concluded in Stockholm on July 14th, 1967, provides that, ‘intellectual property’ shall include rights relating to:
1. literary, artistic and scientific works,
2. performances of performing artists,