Intellectual Property refers to the creations of the mind or a body of law whereby the government awards exclusive economic rights to artists and inventors in their creations, in order to stimulate technically and socially valuable and innovative contributions to society. It includes such things as inventions, literary and artistic works, symbols, images, names, and designs. IP creations can be sold, bought, hired or rented like all other mainstream property.
Intellectual Property is divided into two categories:
· Industrial Property - relates to Trademarks, Patents and industrial designs