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.

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.

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.

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.

patent

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

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.
References in periodicals archive ?
He works with the NK Patent Law trademarks and IP agreements groups, and also renders patentability, validity, and freedom-to-operate opinions and counsels clients on a variety of intellectual property issues.
The current Chinese patent laws date back only to 1984, and China has joined international intellectual-property agreements only within the last 20 to 25 years.
assessment of reasonable royalty damages in patent law, where a
Although tensions between universality and exceptionalism apply throughout law, (8) they are particularly relevant to patent law, which deals with highly technical subject matter.
Moreover, this district tends to be quick with its cases, has the lowest rate of summary judgment motions in the U.S., and has judges experienced with patent law. As a result, plaintiffs prefer to file in this District, given the historical odds are in their favor for a jury trial with a positive outcome for the plaintiff (pp.
overarching goals: (1) to properly relegate copyright and patent law to
over patent laws seems to be coming to a head as the Supreme Court is set to hear the highest number of intellectual property cases this year in the court's history.
WRAGGE & Co's intellectual property team won TMT Team of the Year at the British Legal Awards 2013 for securing a Supreme Court victory which overturned 100 years of patent law.
The Patent Law is mainly based on the Patent Cooperation Treaty, adopted on 19 June 1970 at Washington D.C., and the Paris Convention for the Protection of Industrial Property, adopted on 20 March 1883.
A section of India's patent law prevents companies from gaining patents on modifications to existing drugs, in order to extend monopolies.
however, on what form of patent law will achieve this treasured goal.
"It is unfortunate that patent law can be manipulated to give one company a monopoly over rectangles with rounded corners, or technology that is being improved every day by Samsung and other companies," Samsung said earlier.