The term IPR means Intellectual Property Rights. Intellectual property vests in the valuable protection of human mind, labour, skill and efforts. The way a human being has right to his tangible property he also has right to his intangible property which is produced by him through his own intellect. This intangible property is governed by various statutes to prevent competitors from commercially exploiting the rights of owners of different properties. The term intellectual property mainly includes trademark, patent, copyright and design. Intellectual property differs from various other forms of property because of his manner of uncertainties regarding its value and manner of use. Intellectual property has assumed international character. With the development of trade, commerce and technology the concept of intellectual property rights has evolved tremendously.
Intellectual property mainly comprises of two branches, industrial property pertaining to inventions, trademarks, industrial design & appellations of origin; and copyright concerning literary, musical, artistic and audio visual works. As general rule money, muscle and mind are the basic ingredients to achieve power. Among the three ingredients mind has been regarded as the most powerful and dynamic medium to achieve power. Thus, the way money and muscles are governed by the rules and regulations laid down in various statutes similarly it were felt to safeguard the property created by the mind. This lead to the development of intellectual property and the services offered by the same. In Trademarks it prevents an unauthorized user from using the mark or logo without prior permission, license or authority of the registered proprietor or user. In copyright it prevents others from copying the work or created by others. In patent it grants exclusive rights top the owner of the property to grant license to exercise the right or to sell that right to third person. Thus the term intellectual property rights have its own importance in various fields coming within its ambit.