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Yes, but it varies between countries, types of IP (copyright, trademark, patent), and sometimes even within those types. In the US, the expiration is required by the Constitution, which specifies the exclusive rights are to be "for limited times." Most copyrights are protected for the life of the author plus 50 years, although some countries (including the US) have extended this to 70 years. Patents are typically good for twenty years, while trademarks can be protected in perpetuity as long as they are in use.
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