What is Copyright Law? Types of Copyright and Application filing

An introduction to Copyright 

In a fast-paced environment Internet digitisation like Instagram and other evolving commercial activities of music, art has led importance of copyright day by day. After COVID-19, the copyright has gained immense importance, directly ambiting those who works, deal, or sell anything related to copyright. There is a debate running over to what extent the existing laws can protect modern art, traditional work culture, non-traditional works and music. Significantly, the UK law adds stress on the word 'fine art' means those appealing to the mind or to the sense of beauty especially painting, sculpture and architectures. 

Indeed copyright law grants the monopoly of protection for the original works of authorship. It assigns rights to authors including sell if works, derivatives, copies, perform or display the work publicly. The protection of copyright is granted for 70 years. Even after death of author. The Copyright Act, 1957 pertains to copyright protection in two ways: first, to guarantee painters, musicians, creative individuals and second, to enable others to expand the knowledge of works. It assists with some unrestricted uses of copyrighted content.

In major judgement by Madras High Court, in Sulamanglam E. Jayalakshmi v. Mera Musicals, Chennai (2000): the court held that the copyright law stringent some permissible limits for use. To establish the degree of harmony relationship between rights of copyright owners and welfare of people for the interest of the society, certain measures are inclusive of free uses itself in Act. 

History of Copyright Act in India 

Britishers in India first enacted the Indian Copyright Act, 1847 passed during reign of East India Company. for the enforcement of rules of English copyright rules in India. Second, Copyright Act 1911, this law repealed the previous copyright act and new act applied to all british colonies in india. In the year 1914, the copyright law was modified with Indian Copyright Act, 1914 continued till and replaced by Copyright Act, 1957 by Indian Parliament.

What kind of works are guaranteed in Indian Copyright Act

1. Literary works: In this works include original or unique creation of literature. Example: works can be in the form of scripts, novels, biographies, technical books and programs. The exclusive rights covered in literary are:

To make variation or change in work

To reproduce the work

To translate the work

2. Dramatic Works: This is an extended form of literary work that includes show entertainment, drama, choreography, or cinematography films. Exclusive rights include:

Reproduction/variations/ modification of work into various language 

To make work in cinematography essence.

3. Musical works: The musical work are copyrightable but it does not include lyrics or sound.

The exclusive rights for musical works include:

a. To reproduce musical work 

b. To make variation/changes/modification to work

C. To distribute copies of work, sound recording or cinematic work in respect of music. 

4. Artistic Work: The artistic work include protection of original work paintings, photography, building, diagrams, cartoons, sculptures, drawings, molds, plans, graphics and others. The exclusive rights includes:

a. To issue copies of work to public 

b. To resell the work, assign or hire for work

Procedure for Copyright Registration 

Step 1- Documentation 

This includes application/declaration form and the statement of particulars required for the registration of work registrar of copyright.

Step 2 -  Submit Application 

Once Documentation is completed. Fill application form accompanied with two copies. The fees may vary from Rs 500 to Rs 5000 depending upon type of work.

Step 3 - Copyright Assessment by Examiners 

Upon application is submitted, there is 30 days waiting period. The examiner either accepts the application or specifies the objections outlined in copyright.

Step 4 - Final grant of copyright 

Once the objections is removed. It further goes for copyright registration process and therefore your work is officially registered.

What is Insurance Litigation

What is insurance litigation?

In complex business transactions, individuals and companies tend to purchase various insurances to protect them from sudden serious liability claims, disability, and property damage costs. Ideally, the insurance package covers adequate losses in most situations.

The term insurance litigation is a process of resolving results arise through insurance claims or settlement. The dispute addresses the financial amount of settlement or majorly on liabilities of the parties involved.

The subject of insurance litigation arises when insurance company conduct lack of proper investigation of a claim within a timely manner. Or the insurance company had shown alleged "bad faith". Here the term bas faith means, the insurance company has allegedly hide the crucial information known to the customer. Therefore, the term is often used throughout the cases.

Bad faith is often resonate to describe unnecessarily delays during handling a claim or abruptly denies to fight lawsuit.

However, the insurance providers is necessitate to cater certain standards of care to any customers that choose their services. Despite of insurance providers fails to show required diligence upon claims. The affected individuals or companiy can file a lawsuit against the insurance providers.

Types of Insurance Litigation

1. Motor Vehicle, Rail and carriage trucks

2. Life and Disability

3. Product Liability

4. Construction residential and commercial

5. Personal injury

6. Sports and Recreation Liability

7. Aviation

8. Insurance Coverage Disputes

Eligibility for insurance litigation case

In order to initiate insurance litigation, there should some damage in regards to that insurance company fails to offer reasonable settlement of a valid claim.

What is Trade Secret? Importance of Trade Secret? Difference between Patent and Trade Secret?

 

What is Trade Secret?

Trade Secret is a important aspect to run the commerical goods businesses. They tend to give a tough competitve edge to other companies by secruing the Business proreitory informtaion for longer period of time.  Trade Secret are part part of Intellectual Property Laws. The protected information is way more precious to enhance secercy through perpetual essence. 

A Trade Secret can be any confidential information of business such as formulas, processes, design, recipes, methods or data. The protected Trade Secret information should derive some economic value as of no other person knew it through public disclosure. Specilality of trade secret it is protected for eternal period, untill the information got leaked, or disclosed through uncontingent event of fraud.

Best example of trade secret is Coca-Cola, the recipe of making Coca-Cola is kept under highest security and equivalent measures adhered not to disclose to people. The Coca-Cola Comapny has preserved the business infromation and it helped maintaning unique position in market till now even though the recipe was discovered before 150-200 years.

Importance of Trade Secret 

Keeping the business information as trade secret can revolutionalise the business in large scale. It acts like you own the market demands, seize the opportunity in your hands. Primarliy, not all informtaion can be declared as Trade Secret. To qualify as a Trade Secret it must pass certain charactistics:

a) Secrecy: The information must not be available to public or readily available  to anyone, has to be preserved with highest security.

b) Long term: The protected a business information has no time limit to keep information confidential. The trade secret can be protected forever till their secrecy is preserved.

c) Economic value: The trade secret must offer a unique competitive edge or other economic benefits to the business. The preserved information must be able to provide value through the uniqueness of the product, service, process, recipe,  methods or designs. 

d) Efforts to protect information: The owner of trade secret is liable to make reasonable and appropriate efforts to keep the information forever secret this can be initiated through NDA agreement, encryption, internal protocols, and strict privacy of employees, vendors or associated third party. 

e) Difference Market: The protected trade secret needs to stand out in market, holds a unique position and  offers variety of benefits in businesses for long terms goals.

f) Confidential protocols: The owner has to laid the set rules, protocols, encryption and password, to avoid the unnecessary leakage of information through any means. Give access to fewer individuals or less individuals for information.

Types of Trade Secrets

To give competitive edge in the industry the trade secrets can be of different information, it not only have to be inphysical form, though it can be some formula, process, choice, or strategies used by the businesses to attract customer. Following are the different types of trade secrets.

a) Prototypes: The design of a new product or refined ideas that are not yet released in public into the market. Prototype helps company to secure the design from copying others and help businesses to work on the further development for product or process.

b) Marketing strategist: For better understanding- the type of advertisement a businessman use its tactics to attract customer or 3D advertisement, promotion, pricing or product launching. The implementation of these strategies remain secret to prevent competitors from copying and ensure companies that embed ideas into successful motions and using for themselves.

c) Customer Data: It is the highy detailed database of customers, clients,  preferences of customer choice, purchasing history, personal data of customer, likes and dislikes of customers. This information is highly valuable for the companies to understand the customer needs and hit the specific targeted audiences. They create Fomo among customers and anticipating customer through understanding customer preference, taste buds, needs. The customer data helps in personalizing the market and offers programs like coupons, royalties. This sort of information is highly valuable for food and consumption industry. Example - The type of advertisement performed by cadbury company to attract customers. 

d) Formulas: the formula is a proprietary information , recipe, chemical composition of a particular products. Because most companies do not want a competition so, they keep it formula as the trade secret. Example The secret formula of making Coca-Cola which has remained as trade secret till this date.

e) Processes: These are the methods and techniques applied in manufacturing, software products or other business operation that give a company a different competitive edge. The company may have a special method of producing, goods and materials that perform more efficiently than competitors.

How trade secret are protected?

The owners of great secrets has to apply reasonable steps and ensure that the information remains confidential forever. Common practices done by companies to keep trade secret for a longer period 

1. Non disclosure agreement: this binding contract restricts employees and companies not to disclose the confidential information through any means

2. Restricted access: Fewer individuals or limiting the access of information within the company

3. Physical security: Keeping the trade secrets in locks, safes, and storage of sensitive documentated information. Reduce unauthorised access to every individual.

4. Digital security: Protecting the trade secret information by creating encrypting  files using a secure and stable networks

5. Training the employees: Boost employees and give them education and training to maintain the sensitive information a complete secret.

Difference between trade secret and patent 

Patent: Patent is a type of intellectual property granted for the invention of any new product, process or novelty in new technologies. The patents is granted for a limited period of time that is usually 20 years from the date of application is filed. Once the period is complete the information completely goes for the public domain. Eventually, patent holder application has to fulfill full disclosure of invention before the official authorities. A patent has many benefits like seeking remedies in courts of law in case of infringement, royalty fees and enjoying exclusive rights over the products.

Trade secret: Trade secrets are remain secret till the indefinitive period of time. It is remain undisclosed only owner and concerned personal a given access s to the secret. There is no time period to protect the secret you can protect the trade secret as long as it remain undisclosed. All the efforts encourage by businessman to maintain its highest security and prevent leakage of information to others. In trade secret you do not have to file for application for the protection of trade secret before official authorities. Compared to patent, trade secret has a wide area of protecting business information such as customer data, formulas, process, business information, strategies and advertisement.

What is Property Tax and How it is calculated in India

What is Property Tax? 

The property tax is a mandatory payment made by the land owner or a real estate owner including residential, commercial, industrial and agricultural properties to the Government. The property tax is payable either annually or semi annually to the local government bodies like cooperations or Panchayats. Basically, the amount is based on the property location,  current value and the current laws of the respective states.

To maintain the ownership of the asset, the buyers have to pay smaller amount in the form of property tax to the State Government. The property tax is collected for the purpose of development and civic bodies in India. 

How property tax works? 

The land owner has required to pay the annual sum to the government.  The amount of tax is based on the value of the property and it is determined by the municipal corporation or a state government. And regards to this, some respective States assist  with subsidies and relaxation to the communities. If the property is owned by female then there would be some discounts for female owners and senior citizen. 

How to calculate property tax?

The land owner is mandatory to pay the tax levied by the local body municipality. The tax may vary from one location to another. For instance, property tax rates are likely to be higher in cities like Bengaluru compared to small villages in Karnataka. 

Other factors are considered for property tax amount calculation such as 

a. Location of the property 

b. Size of the property 

c. Under construction or ready to move property.

d. Gender of the property. Example discounts for female owners.

e. Age of the property. Example discount for senior citizens.

f. Civic facilities provided by municipal body in a particular locality.

Property tax rate for different property types 

1. Residential property: Ideally, residential properties are levied at low rate compared to other property types. In Delhi the property tax rate range from 0.5 % to 3 % of the properties annual value depending on factors like location and property type.

2. Commercial property: Commercial properties is of income generating nature and often attractive to higher tax rates. For example, in Maharashtra the rates range between from 0.652 % to 3.91% of the capital value. 

3. Agriculture property: The agriculture properties benefit from lower tax rates or exemption depending on state to state policy. Example  in many states, the property tax on agricultural land is exempted to promote farming activities.

4. Industrial property : Factories and Warehouses are taxed Because industrial properties are of income generating nature. Indeed, the tax rate is higher compared to residential properties. Mainly, the Property rates of industrial is conducted by States policies, government regulations,  and properties characteristics.

Importance of paying property tax

Property tax is calculated upon the property valuation held by municipal bodies regularly. Hence the owner of the property is liable to pay tax where he lives or uses the accomodation. In case of dispute, the property tax receipt a plays important role in showing the owner, title of the property. Consequently, property tax receipt shows the appropriate receipt of acclaimed buyers and keep records updated.

During the registration of property the owner has submit required documents to prove the owners of the property such as sale deed copy,  clearance from the society, dully filed application, photos, address, proof and copy of last receipt of property tax. 

Whenever you buy house loans, property tax receipts are taken in key consideration for determining the owner of the property to provide loan against the property. 

Being the land owner of the property you must keep the timely property tax payment receipts and keep the record updated in local municipal bodies. Regularly pay the property tax by visiting the municipal local authorities either offline or online.

Methods to calculate property tax 

1. Capital value system: Taxes levied on each parcel of land on assessed value. Generally, the assessors with motive to make assessment views criteria like land improvements, building countour, or local area benefits.

2. Unit Area Value System: The property tax valuation is based upon the build up area per unit price.  Properties location usage and land price is multiplied by the build up area of the property to determine the correct tax valuation.

3. Annual rental value system: Tax is based on properties annual rental value and it has no effect on the rent been collected on monthly basis.

Let's simply the process of calcuting property tax through example.

Property Tax Bengaluru

The Bengaluru municipal bodies follow Unit Area Value System 

Property tax (K) = (G - I) x 20 %

Where, G = X+Y+Z and I = G x H/100

(G = gross unit area value; X = tenanted area of property x per sq ft rate of property x 10 months; 

Y= self occupied area of  property x Per sq ft rate of property x 10 months; Z = Vehicle parking area x Per sq ft rate of vehicle parking area x  10 months; H = percentage of depreciation rate i.e. age of  property).

Property Tax Delhi

Delhi municipal corporation follows the unit area system to calculate property tax. The formula used for calculation is 

Property tax = Annual value x Rate of tax

(Annual value= Unit area value per square metre x  unit area of property x Age factor x  Use factor x structure factor x occupancy factor).

What is Stock Purchase Agreement?

You might be wondering what the stock purchase? How the company invest in stocks.  

Let me tell you this basically when one company release or opt for fund raising. So, the interested individuals,  investors,  capital venture, joint ventures have the option to purchase stock and raise the valuation of the company. 

So what a individual investor or capital ventures do? They invest their money in a  company in exchange to that the company gives them certain rights in the form of stocks. This may be stock purchase or preferred stock, bond or debentures.

This article dwells into essential aspect of stock purchase agreement unwrapping the insights what basically, a parties need to know before the enter into this agreement. 

Stock Purchase Agreement is a legal document that outline the terms and frame conditions of buying and selling shares of a company. This ensures that both buyers and seller are on the same page of transactions.

To protect the interest of both the parties, it is very essential to clearly define obligations warranties representation and other essential details to the stock purchase. 

Example buyer commits to purchase share at a designated price while seller under takes to transfer the ownership according to the agreed terms. Although it is necessary to distribute the rights and duties of involved parties. The Stock Purchase Agreement vitally reference point to mitigate prevent dispute in the future.

First of all, the Stock Purchase Agreement, the buyer and seller must negotiate effectively during the transaction to ensure smooth transfer of shares and fulfill they contractual obligations. As the buyer has major responsibility to conduct due diligence to customer that target company alliance the strategic objective as of buyer. On other hand the seller must provide accurate financial health of company and its daily operations. 

During the negotiation grounds the parties must crucial look for purchase price, representation and  warranty, indemnification and any condition precedent.

Whether you are a business owner individual investor or entrepreneur should go in detailing legal aspects such as due diligence, disclosure of material information, potential liabilities that need to be addressed in negotiation or in agreement to mitigate risk of dispute. 

Agreement set out clear guidelines upon sale of shares its facilitation financial security ownership and lock in period and transparent transaction to lead a smooth foundation and successful business.

How to create a stock purchase agreement? Important key provision to cover in stock purchase agreement.

1. Introduction: A introductory clause that outlines parties involved, specific execution including Preamble.

2. Recital: A strong statement brief information about deal between the parties.

3. Definition: Provide the exclusive terms that explain such as "acquired shares", or "material adverse effect", " closing condition", "purchase price". 

4. Transaction details: Outlines in agreement to purchase and sell shares including escrow provisions, purchase price, tax related provisions, closing conditions.

5. Representation and warranties: R & W are factual statement specifically mentioned to be buyer and seller including disclosure of assets and liabilities, intellectual property holdings and pending legal issues.

6. Covenants: The provision must include that a buyer or seller agrees to perform affirmative covenants or abstains from performing negative covenant. A separate section pertaining the  non-solicitation of customer and employees, and non compete clause

7. Condition: This include the section a parties obligated to perform the to complete transaction like target companies business between signing and closing, obtaining regulatory clearance,  such as  investment and regulatory approval, non-soliciton, non-compete, employee matters,  tax matter,  confidentiality, public announcements and further assurance. 

8. Dispute resolution: The parties must negotiate to cope with Alternative Dispute resolution (ADR) in case of any dispute arises.