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C HAPTER 18 I NTELLECTUAL P ROPERTY Objectives After studying this chapter, you should have an understanding of: the nature of intellectual property the rights that attach to intellectual property how intellectual property is acquired how to protect the intellectual property assets of an organization Learning Outcomes Understand what is included in each category of intellectual property: patents, industrial designs, trademarks, copyrights, and confidential information (pages 428 – 450) Understand when protection arises for each category (pages 428 – 450) Recognize how long protection lasts (pages 428 – 450) Understand the rights of the owners of intellectual property (pages 449 – 450) Understand how the owners can enforce their ownership rights (pages 450) Understand how business can protect their intellectual property from abuse (pages 451 – 452) Chapter Summary Intellectual property is a valuable business asset. Businesses invest a great deal of money in the development and protection of such intangible assets. Intellectual property rights attach to patents, copyright, trademarks, industrial designs, and confidential information. Rights generally arise upon registration of patents, trademarks and industrial designs. Registration is not a requirement to establish ownership of a copyright. As an alternative to registration, businesses may choose to keep trade secrets confidential. In this way, protection lasts as long as the secret remains, whereas all intellectual property that is registered has a limited life. Protection for a patent expires after 20 years. Industrial designs expire after 10 years. Trademark protection lasts for 15 years, but is renewable. Copyright protection expires 50 years after the death of the author. Ownership of intellectual property gives monopoly ownership for the life of the protection. The owner can use it, sell it, or lease it. Study Outline Use this outline to prepare a complete set of notes for this chapter. Creation of Intellectual Property Rights – page 428 ______________________________________________________________________ ______________________________________________________________________ © 2008 BY N ELSON , A DIVISION OF T HOMSON C ANADA L TD .
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