A patent is an exclusive right granted to an invention. In other words, a patent is the exclusive right on a product or process that usually provides a new way of doing something or a new technical solution to a problem. In order to obtain a patent, technical information about the invention must be disclosed to the public in a patent application.
The patent owner may give permission or license to other parties to use the invention under mutually agreed terms. The owner can also sell the invention right to someone else, who then becomes the new owner of the patent. When a patent expires, protection ends and an invention enters the public domain; that is, anyone can make commercial use of the invention without violating the patent.
The patent owner has the right to decide who will or will not use the patented invention during the period the invention is protected. In other words, patent protection means that the invention cannot be made commercially, used, distributed, imported, or sold by others without the permission of the patentee.
Patents can be granted for inventions in any field of technology, from everyday kitchen utensils to nanotechnology chips. An invention may be a product - for example a chemical compound or a process for example - or a process for producing a particular chemical compound. Many products actually contain a number of inventions. For example, a laptop may contain hundreds of inventions working together.
Patent protection, if renewed annually, is granted for a limited period of 20 years from the date of filing.
The licensing of a patent simply means that the patent owner makes, uses, sells, etc., his patented invention to another person/organization. means to allow. This occurs according to agreed terms and conditions (for example, defining the amount and type of payment to be made by the licensee to the licensor), for a defined purpose, in a defined territory, and for an agreed period of time.
A patent holder can license a third party for many reasons. For example, the patent owner may not have the necessary manufacturing facilities and therefore prefers to allow others to make and sell his patented invention in exchange for "copyright" payments. Alternatively, a patentee may have manufacturing facilities that may not be large enough to meet market demand. In that case, he may be interested in licensing the patent to another manufacturer to take advantage of another revenue stream. Another possible situation is when the patentee wants to focus on a single geographic market; therefore, the patentee may choose to license another person/entity with interests in other geographic markets. Entering into a license agreement can help establish a mutually beneficial business relationship.
Unlike selling or transferring a patent to another party, the licensor retains ownership rights over the patented invention.
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