patent

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Patent

The exclusive right to use documented intellectual property in producing or selling a particular product or using a process for a designated period of time.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Patent

A right, granted or guaranteed by a government, giving an inventor the exclusive right to make, produce, and sell his/her invention for a certain period of time. While the time limit varies from country to country, most governments recognize each other's patent laws. In the United States, the length of a patent is 20 years. Patents exist to protect inventors from having their ideas stolen, a concept intended to encourage innovation and entrepreneurship.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

patent

a grant of ownership rights by the government to a person or business in respect of the invention of an entirely new product or manufacturing process or a significant development of an existing product or process. In the UK, under the COPYRIGHT, DESIGNS AND PATENTS ACT 1988, the PATENT OFFICE can grant a patentee a monopoly to make, use or sell the invention for a maximum of twenty years from the date on which the patent was first filed. In order to obtain a patent approval, inventors are required to supply full details of the invention to the Patents Office and satisfy that body that the invention contains original features and that it has a demonstrable industrial application.

The monopoly protection given by a patent is not enforced by the Patent Office itself. It is the responsibility of patentees to look after their rights by detecting whether someone else is infringing them and then seeking redress for infringement through the courts.

Patents registered in one country may be valid in other countries if filed in a country which is party to a reciprocal treaty. The UK, for example, is a member of the 13-country European Patent Convention which allows inventors to obtain patent rights in the EPC countries by filing a single European patent application. Globally, patent applications are administered by the World Intellectual Property Organization (WIPO) under the Patent Cooperation Treaty which enables investors to apply for registration in member countries with a single registration. WIPO has no powers of enforcement. However, under a GATT (now the WORLD TRADE ORGANIZATION) accord (negotiated at the ‘Uruguay Round’) it was agreed to give investors a minimum patent term of 20 years in all member countries with members being obliged to enforce patent protection on patents recognised by each others national authorities.

The patent system has the twin objectives of both encouraging inventors to undertake the risks and expenses of breaking new ground by offering them temporary monopoly rights to profit from their work, and providing for the eventual dissemination of advances in technology to the benefit of society as a whole. See RESEARCH AND DEVELOPMENT, BRAND.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

patent

the grant of temporary MONOPOLY rights and control over new products, processes and techniques to their INVENTORS by the government. Patent protection is seen as an important means of fostering TECHNOLOGICAL PROGRESS by providing an opportunity for inventors and INNOVATORS to recoup development expenses and secure a profit reward for risk-taking. To minimize the danger of monopolistic exploitation, patents are granted for limited time periods only. In the UK, under the COPYRIGHT, DESIGNS AND PATENTS ACT 1988, the PATENT OFFICE can grant a patent for a maximum of 20 years.

See INTELLECTUAL PROPERTY RIGHT, RESEARCH AND DEVELOPMENT.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

patent

The first transfer of title out of the government to a private individual or company.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

Patent

The exclusive right of an inventor to make, use, or sell his invention for a period of years. A patent is an intangible asset that may be depreciated over its remaining life. The sale of a patent usually results in long-term capital gain.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
References in periodicals archive ?
The Canadian Court's ruling also narrowed the scope of Bauer's own patent rights. The Court concluded that certain aspects of Bauer's patent claims were too similar to previously disclosed MIPS technology to have full validity under Canadian law.
According to Walker DuPont invested $2 billion in research and development each year and relies on strong patent rights to protect that investment.
Along with obtaining core composition of matter patent rights for its antibody products, arGEN-X has also been granted an additional patent, US 8,835,607, relating to its SIMPLE antibody platform technology involving broad patent claims concerning arGEN-X' germlining approach for SIMPLE antibodies.
This is ChromaDex's second worldwide patent rights acquisition for pTeroPure associated with skincare.
Under the agreement announced on Friday, Motorola and RIM will benefit from a long-term, intellectual property cross-licensing arrangement involving the parties receiving cross-licenses of various patent rights, including patent rights relating to certain industry standards and certain technologies, such as 2G, 3G, 4G, 802.11 and wireless email
As part of this announcement, information was provided regarding patent disputes between BioChem and Emory University, relating to United States patent rights for lamivudine.
The report - produced by HHS's Office of Research Integrity (ORI) - adds fuel to an eight-year-old international controversy over the lucrative patent rights to blood tests for AIDS that use pieces of the Aids-causing virus to detect antiviral antibodies in infected individuals.
9693747, the company fully expects providers of medical imaging services and solutions to respect its patent rights. The purchasers of third party XR-29 solutions are advised to ensure solutions comply with IP rights.
M2 PHARMA-November 22, 2011-Marina Biotech receives patent rights in China for intranasal insulin delivery formulations(C)2011 M2 COMMUNICATIONS
Under the terms of the agreement, Motorola and RIM are expected to benefit from a long-term, intellectual property cross-licensing arrangement involving the parties receiving cross-licenses of various patent rights, including patent rights relating to certain industry standards and certain technologies.
"We view this as a fundamental license that will allow us to execute our business model." The licenses granted to MorphoSys by Biosite pertain to the Dower patent rights (United States Patents 5,427,908 and 5,580,717 and European Patent 527839B1), which Biosite acquired from Affymax Technologies (Netherlands Antilles) in 1998, and to certain antibody expression patent rights that Biosite licensed from XOMA Corporation (Berkeley, CA; 510-644-1170) in 1998.
Graham said at the hearing that government scientists, unlike their colleagues in academia and industry, can be "compelled" to release data, including laboratory notebooks on work in progress -- even when doing so jeopardizes the government's ability to protect patent rights, copyrights or control of trade secrets.