Abstract
The search for a balance of interests of right holders and users, legal means for the exclusive rights enforcement in the conditions of the development of new technologies, the problems of protection of intellectual property are considered in the paper. At the present time intellectual property is considered to be one of the most valuable assets of a business. Possessors of rights can secure their loans using their intellectual property as collateral. The authors claim that the Latvian legal and regulatory framework does not cover essential issues. The aim of the research is to explore and identify the importance of intellectual property rights in business. The following tasks were set to achieve the aim: to explore the theoretical aspects of intellectual property rights, to identify possibilities for intellectual property development in business. The following scientific research methods are used in the paper: the development of intellectual property rights in commercial law is investigated with the help of the descriptive method; the systemic method is used to analyse national legal norms in conjunction with international documents and recommendations; the comparative method has been used to study models of intellectual property rights.
Highlights
It is customary to talk about intellectual property (IP) as the result of a person’s mental activity
The intellectual property system underlies the development of a modern intellectual economy, and the development of a culture of protection and protection of intellectual property is no less important than the protection of the environment or material property
In Latvia, the real protection of intellectual property is only beginning to develop, which can be explained by the low legal culture of the Latvian society
Summary
It is customary to talk about intellectual property (IP) as the result of a person’s mental activity. Legal protection of intellectual property is provided by patent, copyright, industrial designs and trademarks These tools allow authors to get recognition or benefit financially from their creativity, giving them certain rights, which establishes the use of the results of the author's thoughts by third parties (Pētersone, 2013). The ability to exploit the economic values related to the work or other subject matter is important for the right holder of protected material. They laid the international legal foundation of the intellectual property system These agreements — the Paris Convention for the Protection of Industrial Property (adopted in 1883) and the Berne Convention for the Protection of Literary and Artistic Works (adopted in 1886) – remain key elements of the intellectual property system today (WIPO, 2014). For intellectual property law to meet the needs of a digital, interdependent and global society today and in the future, it must keep pace with the times
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