The concept of Intellectual Property is define in general is that the important feature of property is that the proprietor or owner may use his property as he wishes and that nobody else can lawfully use his property without his authorization. Of course there are certain recognized limits for the exercise of that right.
The term intellectual property includes, in the broadest sense, all rights resulting from intellectual activity in the industrial, scientifically, literary, or artistic fields. The conventions establishing the WIPO defines ‘Intellectual Property’ in a broad sense .But the term Intellectual Property is define first time in Paris Convention.
Intellectual Property is derived from the term Industrial Property which includes trademarks, design marks, service marks, commercial names and designations, including indications of source and appellations of origin, and the protection against unfair competition.
The main objectives of Paris Convention provides that “the protection of industrial property like patents, utility models, industrial designs, trademarks, service marks and the repression of unfair competition”. But in the WIPO defines it broadly and intellectual property shall include the right relating to:
i. Literary, artistic and scientific works;
ii. Performance of performing artists;
iii. Inventions in all fields of human Endeavour;
iv. Scientific discoveries;
v. Industrial designs;
vi. Trademarks, service marks and etc;
vii. Protection against unfair competition.
This definition although inclusive in nature, is very comprehensive.
As we know that the intellectual property is intangible. It is a new form of property which got greater recognition only in the 18th century. The Intellectual Property is a property in mental labour as distinguished from physical labour.
Therefore the Intellectual Property is to be understood as a result of mental labour in contradistinction with purely physical labour. It is mostly intangible in nature.