Intellectual property is a wide term for the collection of intangible assets held and legally protected by a firm or individual from unauthorized use or application. An intangible asset is a non-physical asset owned by a firm or individual. Intellectual property refers to the idea that certain products of human intellect should be protected in the same way that physical property, also known as tangible assets, is. The majority of industrialized economies have legal safeguards in place to protect both types of property. Intellectual property is a catch-all word for a variety of intangible or non-physical assets. Intellectual property is owned by a person or company and legally protected from unauthorized use or application. Intellectual property can include a variety of assets, such as trademarks, patents, and copyrights. Infringement of intellectual property happens when a third party makes unlawful use of an asset. Most intellectual property legal rights expire after a certain period of time; however, others (for example, trademarks) survive indefinitely.

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