intellectual property rights

Definition

A right that is had by a person or by a company to have exclusive rights to use its own plans, ideas, or other intangible assets without the worry of competition, at least for a specific period of time. These rights can include copyrights, patents, trademarks, and trade secrets. These rights may be enforced by a court via a lawsuit. The reasoning for intellectual property is to encourage innovation without the fear that a competitor will steal the idea and / or take the credit for it.

Use this term in a sentence

  • If you come up with a new idea you should file for the intellectual property rights so that no one steals the idea from you.

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  • The intellectual property rights of the inventor were never violated as they waited until the attorneys reviewed the materials before proceeding.

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  • If you come up with a new idea you should file for the intellectual property rights so that no one steals the idea from you.

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