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Intellectual property covers a wide area of legal rights related to artistic and literary works, inventions, geographic indications of source, industrial designs, trademarks, and other creations. Intellectual property rights are the exclusive privileges given to inventors for protecting their interests. Nevertheless, they also have some restrictions, such as limited time in the case of patents and copyrights. Copyrights and industrial properties are the two categories of rights, which are extremely important in business as the ownership of rights may influence the level of income.

The Berne Convention for the Protection of Literary and Artistic Works of 1886 and the Paris Convention for the Protection of Industrial Property of 1883 firstly recognized the significance of protecting intellectual property. The World Intellectual Property Organization (WIPO) directed both of the treaties. In general, countries make intellectual property laws for two key reasons: the encouragement of creativity and fair trade, which makes a positive contribution to social and economic development, and the legal utterance of economic and moral rights of creators as well as the public. Thus, the main principle is to balance the interests of users and owners.

The conducted research demonstrates that intellectual property is a major driving force of the U.S. economy: its industry creates about 27 million of jobs and maintains 12.9 million of other workplaces. In such a way, almost 30 percent of all jobs are indirectly or directly connected with the IP industry. Ron Kirk, the United States Trade Representative, notes, “IP intensive industries support as many as 40 million American jobs and up to 60 percent of U.S. exports. When trading partners don’t protect IPR, they threaten those critical jobs and exports”.

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Under copyright law, there exist two types of rights: moral and economic. The author can take some actions to keep the personal link with his/her creation and receive financial compensation from the use of work by other people. The rights owner or author is also able to allow or prohibit work’s adaptation, translation into other languages, broadcasting, public performance, distribution of copies, and reproduction in different forms (sound recordings or printed publications).

Trademarks, copyrights, and patents are the main ways to protect intellectual property, depending on its type. A patent gives the competitive advantage over others when a company has designed a better or new unique process or product. It usually remains in force for fourteen years from the date of its application. A trademark provides the owner with the legal right of symbol use. As a rule, the registered trademark protects the specific classes of goods and services for ten years but can be extended for an indefinite period. A copyright defends original authorship works, and its protection is typically automatic. However, in the United States, it is necessary to show that copyright is claimed in a particular work. Copyright generally lasts up to seventy years after the author’s death.

The U.S. Constitution together with Congressional legislature governs patents and copyrights while trademarks are in the competence of state and federal laws. Legal protection against stealing, unofficial use, and other violations of the rights is provided by the Lanham Act of 1946, Patent Act of 1952, and Copyright Act of 1976. Violation of legislation can result in lawsuits.

Without any doubt, intellectual property rights have to be protected as the consequences can be dangerous for owners: it is not only a theft, but also the devaluation of assets and loss of income, which negatively affect one’s activity and brand. Furthermore, consumers can also suffer from fake products. Thus, intellectual property rights help customers make an informed choice about the efficiency, reliability, and safety of their purchase and guarantee high-quality goods.

In summary, the protection of intellectual property rights is essential for authors and states as they provide owners as well as countries with the moral and economic benefits. The best solution to the issue of protection is the establishment of clear ownership lines.

Code: Sample20

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