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Patent

Patent is a term used to define a right given to someone for an invention or discovery of equipment or product and any new or useful improvement relating to that invention. Other individuals are excluded from making any improvements or revisions to the invention when there is a patent on a product. A patent does not give others the right to use the invention. The government offers patents to inventors as limited property rights; however, the inventor must agree to allow the public the details of their invention. An application for a patent must claim that the invention is new, inventive or can be useful in some way. A patent holder does not have the right to exploit the patent even though a patent is an exclusionary right. An invention cannot have a patent if it is not considered new, meaning it cannot have been patented previously or invented by another person.

Fast Facts

  • The term of a patent is usually 20 years from the date of filing.
  • In the United States, only an inventor can apply for a patent, however, it may be assigned to a corporate entity.
  • The word patent originates from a Latin word patere, which means to lay open or to make available for public inspection.

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  • What's a Patent Worth?

    Just how do you figure out how much a patent is worth?  Valuation of a patent portfolio may be useful when, am...
    • Site: lexblog.com
  • What Is A Patent Worth?

    Entities sometimes need to determine what a patent or a portfolio of patents is worth.  Valuation of a portfol...
    • Site: lexblog.com
    • 2 of 3 user(s) found this useful
  • Patent Policy Under David Kappos

    Sister blog ChipLawBlog reports that IBM's David Kappos has been nominated to be the new Commissioner of the P...
    • Site: lexblog.com
  • Reducing Risks Associated With Preparing Patent Applications Abroad

    I was a co-chair of a convention for attorneys that recently concluded.  Some panels at the convention related...
    • Site: lexblog.com
  • What To Do With A Patent?

    Some patent owners struggle in their decision of what to do with their patent.  If the patent owner is not alr...
    • Site: lexblog.com
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