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Contract & Commercial Law vocabulary · Intellectual Property

Intellectual property

Meaning in contract & commercial law, with examples

nounCore term

In contract & commercial law, intellectual property means: Legal rights over creations of the mind, such as inventions, brands, designs, software and written works; the main types are patents, trademarks, copyright and designs.

In Turkish: fikri mülkiyet, fikri ve sınai mülkiyet

How it is used

Usually shortened to IP. Commercial contracts decide who owns IP created during a project, how it may be licensed and who is liable if it infringes someone else's rights. 'IP rights' and 'IP portfolio' are common phrases.

Example sentences

  1. All intellectual property created under this agreement belongs to the client.

  2. The start-up's main asset is its intellectual property, not its office or equipment.

Common collocations

  • intellectual property rights
  • own the intellectual property
  • protect intellectual property
  • IP license
  • IP infringement
  • patentAn exclusive right, granted by the state for a limited period, to make, use and sell an invention in exchange for publicly disclosing how it works.
  • trademarkA sign such as a name, logo or slogan that identifies the goods or services of one business and distinguishes them from those of others.
  • copyrightThe legal right of the creator of an original work, such as a text, photo, piece of music or software, to control how it is copied, published and adapted.
  • licensePermission from the owner of a right, such as a patent, trademark or software, allowing someone else to use it under agreed conditions, often in return for payment.
  • trade secretValuable business information, such as a formula, a process or a customer list, that gives a company an advantage because it is kept secret.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Intellectual Property

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This page explains English vocabulary for learners. It is not legal advice.