Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.

Definition provided by World Intellectual Property Organisation (WIPO)
 

IPR usually grants right holders time-limited monopolies to use, sell, and promote their works while preventing others from doing the same without their permission (acts referred to as infringements).

	Traditionally, IP sources have been issued by developed countries, however developing markets are also becoming key IP providers.
	Globally, by nation, the United States is the largest dealer in IP licensing fees, but the EU as a whole is the largest.
	Many traded products and services are IP-based, and licenses and fees earned by IP use are specifically a component of services trade.

Official definitions from World Intellectual Property Organisation (WIPO)

PATENTS  A patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem. To get a patent, technical information about the invention must be disclosed to the public in a patent application.

COPYRIGHTS  Copyright (or author’s right) is a legal term used to describe the rights that creators have over their literary and artistic works. Works covered by copyright range from books, music, paintings, sculpture, and films, to computer programs, databases, advertisements, maps, and technical drawings.

TRADEMARK  A trademark is a sign capable of distinguishing the goods or services of one enterprise from those of other enterprises (a combination of words, letters, symbols and shapes, colours, sounds, etc.). Trademarks are protected by intellectual property rights

TRADE SECRETS Trade secrets are intellectual property (IP) rights on confidential information which may be sold or licensed.

GEO INDICATIONS A geographical indication (GI) is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin. In order to function as a GI, a sign must identify a product as originating in a given place.

Trademark protection lasts for 10 years, and can be renewed as many times as possible – upon payment of a fee. The application for trademarks is done at national / territorial level, and remains in force limited to the region of application. For registration at international level, you can register your trademark in each national office you are interested of or by application through WIPO.

Typical of agri-food and handicraft products: industries in which the place of origin of the good stands as an assurance for its quality, performance and uniqueness. 

The GI owner is allowed to use the geographical indication in communicating, marketing and branding the product, but cannot prevent others from using the some production techniques for instance. 

GIs applies to any instance in which there is a clear, recognizable and popular connection between the product and the place of origin.

Infringement, counterfeiting, and theft of trade secrets are examples of serious intellectual property infractions. Other “traditional” violation scenarios include:

Contracts for products and services agreed on by parties can sometimes result in legal complications.

In the event of private parties to an international commercial transaction, the arising difficulties are normally controlled by the conflict of laws principle, which states that the jurisdiction is determined by the law of the place of residence.

The Choice of Law clause to the contract may specify which jurisdiction is applied in the case of conflict.

In the EU, the law applicable to contractual obligations is the Regulation is the Regulation (EC) No 593/2008, also known as Rome I Regulation.