Intellectual property means the legal rights (control and ownership) of creations, such as ideas; inventions; drawings, etc. intended for use in commerce (Bainbridge, 2012). Countries' intellectual rights seek to discourage individuals or organizations from copying or capitalizing on the work of others. The main areas protected by intellectual property law include: patents, copyrights, trademarks and trade secrets. Intellectual property can be classified into the following categories: Monopoly right to prevent copying De facto monopoly Contract patents Unregistered trademarks Trade secrets Confidential information Registered trademarks Unregistered designs Know-how Copyright in registered designs This essay is focuses on patents, registered designs, unregistered design rights and trademarks. innovation and competition. It is an issued document which is requested and granted by a governing body which declares that a patented invention is legally bound to its owner for exploitation, i.e. manufacture, use, sale and import. A patent is typically issued for 20 years and its costs generally depend on the stage of the application process. In the UK, the total cost of a patent could be estimated at £5,000 over 5 years. International patents (PCT), on the other hand, could total £7,000 over 2.5 years. Indeed, in the UK, the patentability review stage is generally cheaper (£1,500) compared to the international equivalent (£300), but more importantly, the process of closing the patent application international could be between £0 and £30,000. , while the final UK patent step is around £100 (HGF, 2014). Patents could give the product or idea not only a...... middle of paper ......ion of Time Warner Price paid: $147 billion, including $128 billion for intellectual property (87%)Examples of the value of patents include: • Nortel, a former Canadian telecommunications company, had a patent portfolio of over 6,000 patents. Notable companies like Google Auctions; later sold to other notable companies including Apple, Microsoft, RIM, EMC, Ericsson and Sony for $4.5 billion. REFERENCESBainbridge, D. (2012). Intellectual property. Pearson; 9 edition. Department for Business, Innovation and Skills, Intellectual Property Office, (Undated). Drawings: How to protect your drawing. London: HMSODepartment for Business, Innovation & Skills, Intellectual Property Office, (undated). Trademarks: Quick Facts. London: HMSOHarrison Goddard Foote LLP, (2014). Intellectual Property WorkshopWorld Intellectual Property Organization, Intellectual Property Manual, (2008).