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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 ?
Patently Apple's report did not mention the iPhone in any way, but (https://www.forbes.com/sites/gordonkelly/2018/12/02/apple-leak-new-iphone-xs-design-upgrade-iphone-xi-11-release-date-price-face-id-touch-id/#2f8c8cbb23eb) Forbes reported this week that next year's iPads could serve as a trial before Apple introduces in-display fingerprint readers to its upcoming iPhones.
When the Court unanimously struck down the law's "indecency" and "patently offensive" provisions as overly broad in Reno v.
Throwing caution to the wind, Blastenbrei compares cities with countryside, the sixteenth with the seventeenth century, a statistical base of 95 cases (rural Luxembourg) with another of 7,277 (Rome), one judicial system with another, and proceeds to treat patently different categorizations of crime as if they were identical.
as a matter of law, the Diocese, considered as the priest's employer, cannot be liable for the employee's every deed, especially behaviour so patently at odds with his sacerdotal duties.
6662 accuracy-related penalty, if the return position was not frivolous (i.e., not patently improper) and the position was disclosed in the manner provided by the Sec.
Even here, the villain is often identified as the liberals themselves, who foisted deinstitutionalization on the mentally ill who were patently unable to fend for themselves.
(http://www.patentlyapple.com/patently-apple/2018/04/samsung-wins-patent-for-a-3d-hybrid-visual-communication-app-to-take-on-skype-google-hangout-and-facetime.html) Patently Apple reported Monday that Samsung has been granted a new patent by the U.S.
It's a rum do when a band is patently tailored to fit into an existing marketing niche - bands that matter create their own niche.
"It is patently wrongheaded to ignore these facts, particularly on the implausible expectation that electronically collected data might somehow facilitate creation of a totalitarian regime." Here Warwick hangs himself in a noose fashioned from his own words, since his proposal for a cash-free society would create a totalitarian regime--albeit one he insists would be benevolent.
While many installations spill their guts, physically or otherwise, an explication of the work's internal structure is patently not part of Klima's stated project.
The more important point is should a minister for a so-called Socialist government really be in the business of cracking down on society's most vulnerable and desperate people and asking them to fork out money they patently don't have?
For the present system to be of any worth then going allowance should accurately reflect conditions on the night and quite patently very few do.