South Korea will enforce punitive damages in case of breach of trademark and design rights in order to further ensure the protection of knowledge- based intangible assets.
The revision has been approved by the National Assembly, says the Korean Intellectual Property Office.
The important alteration is to provide damage compensation, if there is any breach with regard to designs and copyrights. Prior to this regulation, compensation was only available for infringement of patents and trade secrets.
Along with this revision, the definition of the “damage” has been also altered in favor of the right owner.
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