COPYRIGHTED MATERIAL
designs do not recieve patents. The patent clerk also searches the USPTO records for prior art , which means that the design has already been patented. Copyright Music, writings, pictures, and works of art are protected by copyright , not patent. Copyrights are not issued by the USPTO. They are issued by the U.S. Copyright Office (www.copyright.gov). They acknowledge the exclusive right of ownership in the author . Trademark A trademark is a word, phrase, symbol or design, that identifies and distinguishes the source of the products of one company from those of others . For example, the crowned mythological siren encircled in green is instantly recognized as Starbuck’s trademark. Other famous trademarks are the Mercedes-Benz logo, and McDonald's M symbolizing the Golden Arches. Trademarks are very valuable and are registered with the USPTO, which gives the company an exclusive ownership of the word, phrase, logo, symbol, or design. A patent, copyright, or trademark owner may bring a lawsuit against anyone who infringes their rights by making, selling, using or copying their intellectual property without having obtained a license , which is written permission . IP protections benefit commerce by encouraging the investment of time and resources into the development of new and useful products and works of art . Patents, copyrights, and trademarks ensure that the inventor, innovator, writer and artist profit from their work, not an IP thief. Protecting IP Rights Overseas In this highly global commercial world, the ability to protect IP overseas is essential. However, rights granted by the USPTO extend only to the U.S. and its territories , offering no protection in a foreign country. To protect IP overseas, inventors must make an application for patent in every country in which they want to protect their IP. That seems onerous, but the Patent Cooperation Treaty (PCT) streamlines the process. An inventor can file one patent application with the USPTO which enables them to concurrently seek protection in up to 143 countries. In the case of trademarks, The Madrid Protocol allows an owner to file one trademark registration application with USPTO, and concurrently seek protection in up to 84 countries. As for protection of such things as music and literary works, the U.S. has copyright agreements with most countries. As a result, copyrights are honored between countries and relatively easy to protect. The World Intellectual Property Organization (WIPO) (www.wipo.int/portal/en/index.html) is a UN- related global forum for intellectual property founded in 1967. It currently has 188 member nations. WIPO’s mission is to foster a balanced and effective system for international IP policy , exchange of information, and cooperation to enable innovation and creativity for the benefit of all. If you want to learn more about international IP rights and the future of global IP, WIPO has an excellent website at www.wipo.int. PRODUCT PREVIEW
177 THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY
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