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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 ?
Every business needs to have a plan to protect its innovations, technologies and know-how, either by patenting it or securing it as a trade secret.
(6) The benefits of patent portfolios are of such significance, we show, that firms' patenting decisions are largely unrelated to the expected value of individual patents.
It may be a greater strategic advantage to limit multinational patenting and to try to direct any litigation of patent infringement to U.S.
In fact, insurance patents are creating a new wave of start-up companies that Nowotarski describes its "insurance development labs," which are inventing and patenting new types of insurance products in response to changing market needs.
He finds first that the source of R and D funding, as well as the performer (academic, federal, and industry), has a differential effect on patenting. Second, federal R and D has positive spillovers for company R and D.
Then they get snatched up by industry" In addition, the PTO hosts quarterly round tables inside its headquarters with industry representatives to discuss patenting policy.
Patenting indigenous peoples' genes invites an obvious comparison with the patenting of the developing world's other biological resources, and native leaders have tended to take a dim view of the entire trend.
The controversial milestone brought together religious groups, scientists, farmers, environmentalists and animal rights activists, all opposed to the patenting of life.
One extremely interesting aspect of cycle time, which is quite general, is that it is very different for U.S., European, and Japanese companies patenting in the U.S.
Obviousness type double patenting (ODP), or non-statutory double patenting, is a judicially created doctrine meant to prevent a party from extending an earlier commonly owned patent's term by claiming patentably indistinct subject matter through claims in a later patent.
Summary: Obviousness type double patenting (ODP), or non-statutory double patenting, is a judicially created doctrine meant to prevent a party from extending an earlier commonly owned ...
The decisions in these cases will have a lasting impact on the patenting of inventions in the medical device, healthcare, and life sciences industries.