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 ?
Zhang, "The present situation of the application of proprietary chinese medicine treatment of coronary heart disease," Chinese Traditional Patent Medicine, vol.
[5] This was the heyday for patent medicines in America and the countryside was replete with peddlers hawking remedies that claimed to cure virtually every ailment known to man.
The question was no longer whether you would drop dead from taking a single dose of bad patent medicine. It was whether the positive effects of a drug at a given dosage and over a given course of treatment outweighed the negative effects.
Today, herbal concoctions and other supplements are cooked up and marketed with wild abandon, with all the unrestrained, unverified boasting of the patent medicine era still on display.
As early as 1893 the Illinois legislature had attempted to limit the popular use of opiates by imposing labeling requirements on patent medicine manufacturers.
Average men confess and advertise love for their wives and sweethearts under the influence of a gerontological patent medicine; normal but aging executives press ancient "formula" into their hair in order to stay young-looking, quite literally prostituting at least part of their body for business and social purposes.
She also posed as, among many others, a patent medicine merchant (to bribe a powerful lobbyist), a charity hospital patient, a chorus girl and even a female job applicant at newspapers (where she was routinely patronized).
Gun defenders and their well-oiled lobby are not ashamed to use the rhetorical trick that once served the phony con men selling worthless patent medicine from the back of their wagons: "Guns don't kill people, people kill people." It was funny when W.
The new patent medicine not only restores vim and vigor to ailing vegetation, he says, but also helps plants ward off insect attack.
Sometimes Patent Medicine Works: A Reply to Braaten, Kauffman, Braaten, Polsgrove, and Nelson
Moxie was a patent medicine energetically promoted by its manufacturer, Dr.
She said ' a total of 339 were visited comprising of 24 pharmacies and 313 patent medicine shops.