Glossary of Trade Terms

Arbitration

The process of resolving a dispute or a grievance outside of the court system by presenting it to an impartial third party or panel for a decision that may or may not be binding.

Contract

A written or oral agreement which the law will enforce.

Copyright

Protection granted to the authors and creators of literary, artistic, dramatic and musical works, and sound recordings.

Intellectual Property

A collective term used to refer to new ideas, inventions, designs, writings, films, and so on, protected by copyright, patents and trademarks.

Mediation

An alternative form of dispute resolution in which two or more parties reach a mutual agreement with the aid of a mediator.

Patent

A right that entitles the patent holder, within the country which granted or recognizes the patent, to prevent all others for a set period of time from using, making or selling the subject matter of the patent.

Trademark

A word, logo, shape or design, or type of lettering that reflects the goodwill or customer recognition for a particular company’s product, the registration of which grants the holder exclusivity rights.